Samvardhana Motherson International (SAMIL) (formerly Motherson Sumi Systems) has announced its financial results for Q2 FY2024.
The company reported revenue of Rs 23,474 crore, up 28 percent YoY, EBITDA at Rs 2,001 crore, up 34 percent YoY and net profit of Rs 451 crore (normalised – excluding one-time provisions for footprint rationalisation), up 39 percent.
Vivek Chaand Sehgal, Chairman, Motherson said, “This performance is a testament to our team’s dedication and hard work on the back of customer support in navigating uncertain business environments. We are cautious yet confident in our ability to adapt and navigate through these challenges. The integration of acquired entities is at its initial phase and moving in the right direction towards unlocking its full value in the coming times. The booked business of over $77 billion reflects the strong relationship and mutual trust we share with our customers.”
During the quarter the company registered 22% of automotive business coming from electric vehicles. It also is investing and setting up 10 new facilities in India to support customers’ growth in auto and non-auto business.
