Samvardhana Motherson International (SAMIL) has announced its financial results for the first quarter of FY2023. The company has reported its highest ever quarterly revenue of Rs 17,615 crore, up 9 percent over the same period last year, and 2 percent higher over the Q4 FY2022.
The profit after tax came at Rs 141 crore, compared to Rs 211 crore in Q1 FY2022. The company says the Q1FY22 numbers are financials for continuing operations as reported in the respective periods and hence are not strictly comparable
Commenting on the results, Vivek Chaand Sehgal, Chairman, Motherson said, “The market demand remains strong, however, due to various supply chain constraints including chip shortages, production volumes of OEMs continued to fluctuate. The passenger car sales have shown improving trend from April to June. This quarter’s results are to be seen in the backdrop of continued high inflation, elevated freight, energy costs etc. Our teams are engaged with customers to align with them on the unusual inflationary pressures faced by the industry and the new macro environment, it’s work in progress. In order to create a better world for future generations and in line with our customers’ expectations, we are setting the ambitious goal of becoming Carbon Net Zero across our current global operations by 2040.”
Formerly known as Motherson Sumi Systems, SAMIL is one of the world’s leading specialised automotive component manufacturing companies. The company was established in 1986 as a joint venture with Sumitomo Wiring Systems has a diverse global customer base of nearly all leading automobile manufacturers globally, the company has a presence in 41 countries across five continents. SAMIL is currently the largest auto ancillary in India.