Motherson Sumi Systems Q3 net profit at Rs 561.71 crore

Auto component major Motherson Sumi Systems Ltd today reported a consolidated net profit of Rs 561.71 crore in the third quarter ended December 2017.

The company had posted a consolidated net profit of Rs 547.32 crore in the year-ago period, Motherson Sumi Systems Ltd (MSSL) said in a BSE filing.

Consolidated total revenue from operations during the period under review stood at Rs 14,397.85 crore. It was Rs 10,784.19 crore in the year-ago period.

The figures are not comparable due to the acquisition of Finland's wiring harness major PKC Group Plc in March last year, the company said.

Commenting on the performance, MSSL Chairman Vivek Chaand Sehgal said,"The momentum towards growth continues in our third quarter. Customer confidence remains high and with new plants being commissioned or underway, the outlook remains positive."

In all, MSSL said nine plants were at various stages of completion with work on three new plants started during the third quarter, while four plants have started operations.

The three new plants are being set up as part of the company's annual capex of around Rs 2,000 crore.

The company said during the quarter there was consistent revenue growth across all business segments. While revenue outside India grew by 38 per cent, in domestic market it increased by 20 per cent.

Shares of Motherson Sumi Systems Ltd were trading at Rs 364.65 a piece in the afternoon trade, up 1.43 per cent from the previous close on BSE.