NEW DELHI: Auto components major Motherson Sumi Systems Limited (MSSL) Friday reported 194 per cent increase in consolidated net profit at Rs 798 crore for the third quarter ended Dec 31, 2020 driven by increase in demand for vehicles globally. The company had posted net profit of Rs 271 crore in the year-ago period.
Quarterly revenues grew 15 per cent to a record Rs 17,923 crore. Ebitda (earnings before interest, tax, depreciations and amortisation) rose 56 per cent to Rs 2041 crore, compared to Rs 1309 crore recorded in the corresponding period of the last financial year.
The company said operations have normalised and most of its facilities are running at pre-covid levels. Consumer sentiments have improved globally. Motherson has been focussing on improving efficiencies and reducing costs across its greenfield plants, and these have shown a sustained improvement on performance, the company said.
Vivek Chaand Sehgal, Chairman, MSSL, said, “Our global teams have put in tremendous efforts in challenging conditions to ensure uninterrupted supplies to our customers. These quarterly numbers are reflection of their hard work as well the trust of our customers on Motherson. With the rollout of COVID vaccine in different parts of the world, we are optimistic that the demand and positive sentiments will improve in the upcoming quarters.”
Credit: Stocks-Markets-Economic Times