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Auto component maker Motherson Sumi Systems Ltd (MSSL) today reported 20.20 per cent increase in its consolidated net profit at Rs 705.86 crore for the fourth quarter ended March 31. The company had posted a net profit of Rs 587.19 crore during the same period of the previous fiscal, Motherson Sumi Systems said in a BSE filing. Net sales during the period under review stood at Rs 11,319.01 crore as against Rs 9,841.60 crore in the year-ago period, up 15 per cent. "This is the second year of our 5-year plan for 2020 and we are closing it on an all-time high for MSSL.
We see very exciting times ahead," MSSL Chairman Vivek Chaand Sehgal said. For the entire fiscal, the company reported a consolidated net profit at Rs 2,172.39 crore compared to Rs 1,773.66 crore in the 2015-16 fiscal, a growth of 22.48 per cent. Net sales for the year stood at Rs 42,765.66 crore as against Rs 37,226.63 crore in the previous fiscal. "Our wiring harness division has been strengthened by recent acquisition of PKC Group. This brings great new opportunities for supporting the OEM's around the world," Sehgal said. The company's board has recommended a dividend of Rs 2 per equity share for the financial year 2016-17. Shares of the company were trading 1.24 per cent higher at Rs 413 apiece on BSE.