Tier 1 supplier Motherson Sumi Wiring India has announced its financial results for the first quarter of FY2022-23. The company has reported revenue of Rs 1,671 crore, up 50 percent compared to the same period last year; profit after tax of Rs 126 crore, up 107 percent YoY.
Motherson Sumi Wiring, is a leading and fast-growing full-system solutions provider to OEMs, in the wiring harness segment in the country. It is a joint venture between Samvardhana Motherson International (formerly Motherson Sumi Systems) and Japan’s Sumitomo Wiring Systems.
The company says in the first quarter it has realigned its operations at Bengaluru and Chennai to cater to increased customer requirements. Furthermore, it added a new facility in Chennai to support its customers in the Southern region.
Additionally, it also setup a dedicated line at Chennai for high voltage harnesses to meet the supplies for customers EV vehicle demand (passenger vehicles, commercial vehicles and two-wheelers). This augments the high voltage wire harness facilities already existing in Pune.
Vivek Chaand Sehgal, Chairman, Motherson Sumi Wiring India said, “The Indian automotive industry continued to face semi-conductor shortages and supply chain constraints during the quarter, thereby impacting ability to achieve full production volumes to meet the strong market demand. We do see gradual improvement going forward as supply chain issues ease though inflationary environment persists. Under these given circumstances, the company has performed well. We would like to thank our customers for their continued trust and our teams for their relentless efforts.”