Motherson Sumi Wiring records PAT of Rs 46 crore in Q4 FY22

Motherson Sumi Wiring India reported 73% fall in net profit to Rs 46 crore despite a 10% rise in revenues to Rs 1,662 crore in Q4 FY22 over Q4 FY21.

EBITDA in the fourth quarter was Rs 252 crore, up 6% YoY.

Profit before tax in Q4 FY22 stood at Rs 76 crore, down by 67% from Rs 230 crore in Q4 FY21.

During the current quarter, the company has accrued for Rs 65.41 crore for its share of expenses incurred by Samvardhana Motherson International (erstwhile Motherson Sumi Systems) (SAMIL) in connection with the implementation of the Scheme of arrangement post NCLT approval which has been disclosed as exceptional expenses in the financial results. This is as per the Scheme approved by the NCLT.

The company reported 4% rise in net profit to Rs 411 crore on a 43% increase in revenues to Rs 5,635 crore in FY22 over FY21.

Motherson Sumi Wiring said that the Indian automotive market demand remained strong though global shortages, logistics and geopolitical issues had its impact in production numbers.

Despite the supply challenges of input child parts from global suppliers the team has continued to focus on operational efficiency and cost management to achieve results.

Vivek Chaand Sehgal, Chairman, Motherson Sumi Wiring India, said: "We have kept our promise of bifurcating MSSL into two separate listed companies, one being domestic wiring harness business in India, to meet the demand / expectations of our shareholders/other stakeholders; completed in a period of 18 months . This has entailed significant management time and costs which are fully accounted for in the results."

Motherson Sumi Wiring India is a leading and fast-growing full-system solutions provider to OEMs, in the wiring harness segment in India. Motherson Sumi Wiring India is a joint venture between Samvardhana Motherson International (SAMIL)[formerly Motherson Sumi Systems] and Sumitomo Wiring Systems (SWS).

The scrip rose 0.33% to currently trade at Rs 60.7 on the BSE.

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