Motherson Sumi Q3FY22 Results: Consolidated profit fell 69% to Rs 245 crore

Auto component major Motherson Sumi Systems on Friday reported a 69.3 per cent year-on-year decline in the consolidated profit at Rs 245.08 crore for the quarter ended December 31, 2021, as against a profit of Rs 798.38 crore posted in the corresponding quarter last year.

The auto ancillary company reported a 5.7 per cent year-on-year decline in consolidated revenue from operations to Rs 16,117.51 crore in the quarter under consideration from Rs 17,092.44 crore posted in the year-ago quarter.

The company's consolidated EBITDA dropped by 40.1 per cent to Rs 1,076.52 crore in December 2021 quarter against Rs 1,795.54 crore posted in December 2020 quarter. The margin contracted to 6.7 per cent in Q3FY22 against 10.5 per cent posted in Q3FY21.

Mr. Vivek Chaand Sehgal, Chairman, Motherson Sumi Systems Ltd. said, "These results are an indication of the resilience of our business and the efforts of our teams globally under challenging market conditions. While the global supply chain shortages have eased partially, challenges from higher costs remain."

He added, "We are optimistic that the industry situation will gradually improve further in the upcoming months. In this quarter we have received the final NCLT approval which now gives the effect of the proposed re-organisation and lays the path for future growth through Motherson 2.0. I would like to thank our shareholders for their continued support. I am sure that Motherson 2.0 journey will be even more exciting for our shareholders. The best is yet to come."

Motherson Sumi Q3FY22 Results: Consolidated profit fell 69% to Rs 245 crore