Samvardhana Motherson reports Rs 601 crore profit for Q1 FY2024

financialexpress.com:

Tier 1 supplier Samvardhana Motherson International (formerly Motherson Sumi Systems) has announced its financial results for Q1 FY2024.

The company posted revenue of Rs 22,462 crore, up 27 percent YoY. The EBITDA came at Rs 1,940 crore, up 69 percent YoY and net profit of Rs 601 crore, up 326 percent YoY.

The component supplier says it was able to outgrow the industry on a YoY basis with strong growth across all business divisions. It attributes the strong growth in EBITDA driven by operating efficiency, softening of material and energy price with continued customer support. Revenues from electric vehicle segment increased to over Rs 1,600 crore in Q1 FY2024, as against around Rs 4,900 crore revenue in FY2023.

Vivek Chaand Sehgal, Chairman, Motherson said, “We have delivered another quarter of strong performance. The automotive industry is stabilising with new cost structures and Motherson continues to adapt to the evolving landscape. We are working in close collaboration with our customers, and to better serve them in these challenging times we have closed 7 acquisitions with their support. We aim to bring innovative solutions, to streamline and solve operational issues. These acquisitions will further increase our value-added content and will provide new growth opportunities for Motherson.”

It also added over 8,500 employees of the new companies into the Motherson Group.