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Mumbai: Automotive components major Motherson Sumi Systems Limited reported a 2.6% growth in net profit for the September quarter as over 80% manufacturing facilities across the globe ramped up production to over 75% capacity utilisation.
The company reported an after-tax profit of Rs 388 crore as against Rs 378 crore during the same quarter last year. Revenue declined by 2% to Rs 14,957 crore.
Earnings before interest, tax, depreciation and amortisation (EBITDA) grew by 15.2% to Rs 1,392 crore. EBITDA margin improved by 138 basis points to 9.3%.
“Global automotive industry is on a path to recovery in post COVID-19 world. We are seeing a surge in demand across the globe,” said Vivek Chaand Sehgal, Chairman, Motherson Sumi Systems Ltd.
“We believe that in the upcoming quarters, strong traction will continue to be there. Operational improvements done by our teams across the globe have resulted in improved performance of our plants,” he said.
The company’s net debt stood at Rs 7,512 crore as of 30 September, down from Rs. 9,083 crores at the beginning of the quarter. Liquidity position improved to Rs 11,629 crore from Rs 10,037 crore during this period, according to a press statement.
During the quarter, the company raised over Rs. 3,000 crores at a lower cost than its current borrowing. This included Rs 2,130 crore of non-convertible debentures and a 5-year term loan of Rs 1,000 crore.
The company reported an after-tax profit of Rs 388 crore as against Rs 378 crore during the same quarter last year. Revenue declined by 2% to Rs 14,957 crore.
Earnings before interest, tax, depreciation and amortisation (EBITDA) grew by 15.2% to Rs 1,392 crore. EBITDA margin improved by 138 basis points to 9.3%.
“Global automotive industry is on a path to recovery in post COVID-19 world. We are seeing a surge in demand across the globe,” said Vivek Chaand Sehgal, Chairman, Motherson Sumi Systems Ltd.
“We believe that in the upcoming quarters, strong traction will continue to be there. Operational improvements done by our teams across the globe have resulted in improved performance of our plants,” he said.
The company’s net debt stood at Rs 7,512 crore as of 30 September, down from Rs. 9,083 crores at the beginning of the quarter. Liquidity position improved to Rs 11,629 crore from Rs 10,037 crore during this period, according to a press statement.
During the quarter, the company raised over Rs. 3,000 crores at a lower cost than its current borrowing. This included Rs 2,130 crore of non-convertible debentures and a 5-year term loan of Rs 1,000 crore.
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