Motherson Sumi advanced after good Q2 numbers

Motherson Sumi Systems rose 3.25% to Rs 133.45 after consolidated profit after tax rose by 4% to Rs 385 crore in Q2 FY20 from Rs 371 crore in Q2 FY19.

Revenues increased by 6% to Rs 15,709 crore in Q2 September 2019 from Rs 14,854 crore in Q2 September 2018. The result was announced during market hours today, 11 November 2019.

EBITDA rose 5% to Rs 1,355 crore in Q2 September 2019 over the corresponding quarter in the last fiscal.

On a standalone basis, Motherson Sumi's net profit fell 36.27% to Rs 174.23 crore on a 17.20% decline in revenue from operations to Rs 1652.71 crore in Q2 September 2019 over Q2 September 2018.

The firm said that the standalone business has demonstrated good cost control but the revenues have dropped due to lower demand in domestic market.

The company's order book stood at Rs 143,851 crore at SMRP BV level.

Commenting on results, Vivek Chaand Sehgal, chairman, MSSL said, "the board specially thanked our associates and teams in all of our operating businesses for giving strong performance under the current challenging domestic and global market conditions. Our teams are working very hard to stabilize the operations in the new plants and to maintain the growth and profitability. We thank our customers for reposing confidence in us which is reflected in strong inflow of new orders and a healthy order book."

Motherson Sumi Systems (MSSL) is one of the world's leading specialised automotive component manufacturing companies for OEMs. MSSL is currently the largest auto ancillary in India.

Powered by Capital Market - Live News