Motherson Sumi Syst Q2 profit up 5x
Auto component maker Motherson Sumi Systems today reported an over five-fold increase in its consolidated net profit at Rs 137.58 crore for the second quarter ended September 30 on account of robust exports.
The company had posted a net profit of Rs 24.26 crore in the corresponding period last year.
The consolidated net income during the second quarter also went up by over two-fold to Rs 5,890.52 crore from Rs 2,338.65 crore in the year-ago period, Motherson Sumi Systems said in a statement.
The standalone net profit in July-September quarter also soared by over three-fold to Rs 107.31 crore from 31.58 crore.
The net income rose by 22.74 per cent to Rs 963.44 crore from Rs 784.93 crore in the year-ago period.
Commenting on the performance, the company said: "Domestic volumes and sales to customers outside India grew by healthy 18 per cent and 235 per cent respectively".
It further said the standalone business posted healthy growth of 44 per cent on exports from India and domestic sales increased by 19 per cent despite difficult market situation.
Shares of Motherson Sumi Systems were trading 3.49 per cent up at Rs 158.70 apiece during the afternoon trade on the BSE.
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