Motherson Sumi posts nearly four-fold jump in Q3 profit at 1,268.31 cr

Motherson Sumi Systems consolidated total revenue from operations during the period under review was at 17,092.44 crore.
By : PTI
| Updated on: 12 Feb 2021, 17:58 PM
The company had posted a consolidated net profit from such operations of ₹340.32 crore in the same period last fiscal. (REUTERS)
The company had posted a consolidated net profit from such operations of ₹340.32 crore in the same period last fiscal. (REUTERS)
The company had posted a consolidated net profit from such operations of ₹340.32 crore in the same period last fiscal. (REUTERS)
The company had posted a consolidated net profit from such operations of ₹340.32 crore in the same period last fiscal.

Auto components major Motherson Sumi Systems on Friday reported nearly four-fold jump in consolidated net profit from continuing and discontinued operations at 1,268.31 crore in the third quarter ended December 31, 2020.

The company had posted a consolidated net profit from such operations of 340.32 crore in the same period last fiscal, Motherson Sumi Systems Ltd (MSSL) said in a regulatory filing.

Similar Cars

Find More Cars
Audi New Q3 (HT Auto photo)
UPCOMING
Audi New Q3
1397 cc | Petrol | Automatic
₹40 - 50 Lakhs* *Expected Price
Mini Countryman (HT Auto photo)
Mini Countryman
1998 cc | Petrol | Automatic (Dual Clutch) | 14.34 kmpl
₹40.5 - 43.9 Lakhs**Ex-showroom price
Volvo Xc40 (HT Auto photo)
Volvo Xc40
1969 cc | Petrol | Automatic (Torque Converter) | 14.49 kmpl
₹41.25 Lakhs**Ex-showroom price
Mini Clubman (HT Auto photo)
Mini Clubman
1998 cc | Petrol | Automatic (Dual Clutch) | 14 kmpl
₹41.9 Lakhs**Ex-showroom price
Bmw 3 Series (HT Auto photo)
Bmw 3 Series
1998 cc | Petrol | Automatic (Torque Converter) | 16.13 kmpl
₹42.3 - 62.9 Lakhs**Ex-showroom price
Audi A4 (HT Auto photo)
Audi A4
1984 cc | Petrol | Automatic (Dual Clutch) | 17.42 kmpl
₹42.34 - 48.09 Lakhs**Ex-showroom price

The company’s consolidated total revenue from operations during the period under review at 17,092.44 crore. It had registered a consolidated revenue from operations of 15,000.10 crore in the same period last fiscal.

FOLLOW US:Stay Updated with latest content - Subscribe us on
FOLLOW US:Stay Updated with latest content - Subscribe us on

(Also Read: Bosch Q3 net profit dips 3% to 184 crore)

MSSL said its board had on July 2, 2020, approved a group reorganisation plan that entails demerger of domestic wiring harness (DWH) business from MSSL into a new company Motherson Sumi Wiring India Ltd (MSWIL) and subsequent merger of SAMIL into MSSL to consolidate 100 per cent shareholding in Samvardhana Motherson Automotive Systems Group BV (SMRP BV) as well as to bring all auto component and allied businesses in Samvardhana Motherson International Ltd (SAMIL) under MSSL.

The scheme has been considered as highly probable and demerger of DWH into MSWIL meet the criteria to be considered as discontinued operation, hence DWH business has been disclosed as discontinued operation in consolidated financial results.

Motherson Sumi Systems Chairman Vivek Chaand Sehgal said, "Our global teams have put in tremendous efforts in challenging conditions to ensure uninterrupted supplies to our customers. These quarterly numbers are a reflection of their hard work as well the trust of our customers on Motherson."

During the quarter, MSSL said its operations have normalised, with most facilities running at pre-COVID levels. There are sustained improvements in performance of greenfield plants with a continued focus on cost reduction and efficiency improvements.

There are indications of positive consumer sentiments reflected by increased demand globally, it added.

On the outlook, the company said automobile manufacturers continue to work with suppliers, given challenges in supply of certain critical components.

"With the rollout of COVID-19 vaccine in different parts of the world, we are optimistic that the demand and positive sentiments will improve in the upcoming quarters," Sehgal said.

First Published Date: 12 Feb 2021, 17:58 PM IST
Recommended For You
View All
NEXT ARTICLE BEGINS

Please provide your details to get Personalized Offers on

Choose city
+91 | Choose city
Choose city
Choose city
By clicking VIEW OFFERS you Agree to our Terms and Privacy Policy

Dear Name

Please verify your mobile number.

+91 | Choose city