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Mumbai: Amid strong quarter four results, the shares of auto component maker Motherson Sumi Systems spurted by 15 per cent to Rs 273 per share, touching its new 52-week high on the BSE intraday on Wednesday. 

The company reported a four-fold rise in a consolidated net profit of Rs 713.6 crore in the March-ended quarter of the financial year 2020-2021 as against Rs 183.4 crore year-on-year. It reported a 17.6 per cent growth in revenue to Rs 16,972 crores in Q4FY21 versus Rs 14,434.5 crores YoY. 

At around 12:51 pm, the stock was trading at the same level as yesterday’s at Rs 240 per share, however, immediate after quarterly results the stock surged to over eight per cent and continued its winning streak on Wednesday to hit a new life high. 

In its filing to exchanges, Motherson Sumi said, “The company sustained profitability despite multiple headwinds such as chip shortage, higher commodity costs among others." Moreover, the company also successfully completed two acquisitions (75 per cent in Plast Met in Turkey and assets of Bombardier rolling stock in Mexico) in April 2021 during the quarter. 

For the last five sessions, the stock traded almost around Rs 237-240 levels, however, surged on Wednesday on the back of strong quarterly results and dividend news. Similarly, the stock grew over 26 per cent in the last month, on May 3, 2021, the price was around Rs 215 per share. 

The board of Motherson Sumi has recommended a dividend of Rs. 1.50 per share at the face value of Re. 1 each for the financial year ended March 31, 2021. 

The company reported robust performance on the standalone level as well, with 33 per cent growth in revenues and 38 per cent growth in EBITDA, it said in a statement. 

The trading volumes of Motherson Sumi were over five-times the average with a combined 67.6 million equity shares having changed hands on the NSE and BSE till the time of writing of this report. 

Motherson Sumi Systems Limited is a leading specialised automotive component manufacturing company for original equipment manufacturers (OEMs). It has a diverse global customer base of nearly all leading automobile manufacturers globally.  

The company has a presence in 41 countries across five continents and is currently the largest auto ancillary in India and among the Fab 50 companies of India by Forbes magazine.