1. Motherson Sumi shares close over 9% up as Q2 net profit rises 174 per cent

Motherson Sumi shares close over 9% up as Q2 net profit rises 174 per cent

Motherson Sumi registered 174 per cent year-on-year rise in its consolidated net profit figures at Rs 286.89 crore for the second quarter ended September 30, 2015.

By: | Updated: November 6, 2015 4:04 PM
Motherson Sumi

Motherson Sumi registered 174 per cent year-on-year rise in its consolidated net profit figures at Rs 286.89 crore for the second quarter ended September 30, 2015. The company earned Rs 104.44 crore in the corresponding quarter a year ago. (Reuters image for representation only)

Motherson Sumi shares jumped over 9 per cent on Friday after the company registered 174 per cent year-on-year rise in its consolidated net profit figures at Rs 286.89 crore for the second quarter ended September 30, 2015. The company earned Rs 104.44 crore in the corresponding quarter a year ago.

At 12.58 pm, shares of Motherson was trading 2.43 per cent up at Rs 248.40. The scrip opened at Rs 243.90 and had touched a high and low of Rs 252.80 and Rs 241.25, respectively, in trade so far. Sensex was down 2.55 points at 26301.65. Later, the scrip closed 9.59 per cent up at Rs 265.75.

In a release the company said, “The growth was fueled by healthy second quarter sales across the geographies and business segments. In fact in Euro terms, SMR and SMP grew by 14 per cent and 31 per cent, respectively.”

Consolidated net total income from operations of the company jumped to Rs 9197.57 crore for the quarter ended September 30, 2015. The figures were at Rs 8016.66 crore in the same quarter last year.

Vivek Chaand Sehgal, MSSL’s Chairman in a release said, “These second quarter results are among our best ever. Our revenues grew by 14 per cent. These results confirm that we are firmly on track to achieving our ambitious 2020 targets.”

MSSL also announced strong new order bookings from its customer around the world. In MSSL’s global subsidiary, SMRP BV, new orders worth Euro 3.87 billion approx. (excluding Euro 2.2 billion approx. order received from Daimler) were booked in the period from April 2015 to September 2015. This represents an increase of 270 percent compared to new orders in the same period of FY 14-15. Execution of these orders on a full scale brings MSSL closer to achieving its revenue target in 2020.

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