Samvardhana Motherson International (SAMIL) (formerly Motherson Sumi Systems) has reported its financial result for Q3 FY2023.
The company reported revenue of Rs 20,226 crore, up 11 percent over the previous quarter and 25 percent YoY. The profit after tax came at Rs 454 crore, an increase of 85 percent over the previous quarter and 388 percent over the same period last year.
During the quarter the company says it saw growth in absolute EBITDA on account of production volume recovery and improved realisations. The net debt to EBIDTA improved from 2.0 to 1.8. The company spent Rs 619 crore in capital expenditure on account of customer led new programs. Further growth was seen from the electric vehicle segment, which now makes up for more than 6 percent of the revenue.
It also forayed into the automotive upholstery business in a 51 percent partnership with Saddles. It booked new business worth Rs 2,500 crore.
Vivek Chaand Sehgal, Chairman, Motherson said, “These results demonstrate strong fundamentals of the company and continued focus on operational efficiencies. Our teams across the world have worked very hard during the challenging quarters and would like to congratulate them for their efforts. With further improvement expected in business environment, we are poised to deliver greater value to our stakeholders. We also want to thank our customers for their continued trust in Motherson.”
