Shares of the auto ancillary firm Samvardhana Motherson International traded higher by 2.43 per cent after the company announced its March quarter results today. At the last count, the stock traded at Rs 145.4, up 2.43 per cent, while it hit a fresh 52-week high of Rs 146.3 per share on the BSE.

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For the reporting quarter, the company’s consolidated profit more than doubled year-on-year to Rs 1,444 crore as against Rs 699.1 crore in Q4FY23.

During the quarter, the company’s leverage ratio has come down to 1.4x as against 1.7x in the previous quarter. Also, gross debt at the company has fell by nearly 1,800 crore during the quarter.

Total revenue from operations at the company grew to Rs 27,058 crore versus 22,517 crore reported in the same period last year. Furthermore, expenses at the company during the period also surged to Rs 25,661.86 crore as against Rs 21,574.5 crore in March quarter of FY23.

Commenting on the results, Vivek Chaand Sehgal, Chairman, Motherson said, “We are encouraged by the company's performance, which results from the efforts of business divisions and acquired entities. We have also maintained a healthy financial position by keeping leverage and debt under control. Our automotive booked business of over USD 83.9 bn provides strong revenue visibility.

We also foresee good traction from our non-automotive businesses, such as aerospace, consumer electronics, and health and medical. To fully utilise our manufacturing capabilities, we are setting up new facilities across emerging markets, he added.

On the sidelines, the company recommended a dividend of Rs 0.80 (Eighty Paise only) per equity share for the financial year ended March 31, 2024, subject to the approval of the shareholders at the ensuing AGM.

Over the 1 year, the stock has delivered a phenomenal return of 81 per cent, while Nifty Auto which comprises the stock has delivered 68 per cent return in the same period.