Motherson Sumi (MSSL) shares surged as much as 8.37 per cent on Tuesday after the company reported 21.65 per cent rise in its consolidated net profit figures at Rs 413.72 crore for the quarter ended March 2016 against Rs 340.10 crore in the same quarter last year.
Consolidated net sales of the company surged 8 per cent to Rs 10,068.10 crore for the quarter ended March 2016 against Rs 9321.97 crore in the corresponding quarter a year ago.
For the financial year ended March 2016, the company reported net profit of Rs 1273.74 crore, up 47.68 per cent, against Rs 862.47 crore last year.
Vivek Chaand Sehgal, MSSL’s chairman in a release said, “It has been a good year to further enhance our performance. We are seeing huge capacity expansion at SMP at the request of customers. Operational improvements have been put in place and we have an exciting innovation pipeline, across MSSL companies.”
At 12.55 pm, shares of MSSL were trading 7.14 per cent up at Rs 287.20. The scrip opened at Rs 269.90 and has touched a high and low of Rs 290.50 and Rs 262.10, respectively, in trade. Later, the scrip settled 8.36 per cent up at Rs 290.45.
Motherson Sumi Systems Limited (MSSL) is a specialised automotive component manufacturing company for original equipment makers. MSSL is the flagship company of the Samvardhana Motherson Group, established in 1986. It is a joint venture between Samvardhana Motherson Group and Sumitomo Wiring Systems (Japan).