Samvardhana Motherson International Q1 net profit rises 69.3 percent at Rs 1,097.18 crore
Samvardhana Motherson International Ltd (SAMIL) reported a 69.3% increase in consolidated net profit to Rs 1,097.18 crore for Q1 FY2024, driven by robust revenue growth. The companys total revenue for the quarter reached Rs 28,867.96 crore, up from Rs 22,462.18 crore a year earlier. Despite higher expenses, SAMILs strong performance reflects successful integration of recent acquisitions and ongoing investments in both auto and non-auto sectors.
Auto components major Samvardhana Motherson International Ltd on Tuesday reported a 69.3 percent jump in consolidated net profit at Rs 1,097.18 crore in the first quarter ended June 30, 2024, driven by strong revenue growth. The company had posted a profit of Rs 648.12 crore in the same quarter last fiscal, Samvardhana Motherson International Ltd (SAMIL) said in a regulatory filing.
Total revenue from operations in the quarter under review stood at Rs 28,867.96 crore as compared to Rs 22,462.18 crore in the year-ago period, it added. Total expenses in the first quarter were higher at Rs 27,601.7 crore as compared to Rs 21,629.09 crore in the same period a year ago, the company said.
"The company has delivered robust quarterly performance despite flat industry volumes," Motherson Chairman Vivek Chaand Sehgal said. He further said all announced acquisitions have been successfully integrated and have started to contribute positively and their full potential will be realised in the coming months.
The company continues to invest in auto and non-auto businesses. While two of the facilities have commenced production, 17 greenfields across emerging markets for auto and non-auto businesses are at different stages of completion, Sehgal said.
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