Motherson Sumi Systems posts robust Q2 FY10-11 results

Auto ancillary maker Motherson Sumi Systems Ltd (MSSL), the flagship company of the Samvardhana Motherson Group, has posted a five-fold increase in consolidated profit after tax, at Rs 85.98 crore, for the quarter ended September 30, 2010. The profit figure in the corresponding quarter a year ago was Rs 14.96 crore.

Consodilated total sales of the company were up 20.68 per cent, at Rs 1,916.17 crore (Rs 1,587.84 crore), while earnings before interest, depreciation & tax (EBIDTA) rose 87.12 per cent to Rs 211.32 crore (Rs 112.93 crore).

MSSL Standalone sales growth for Q2 FY 2010-11 is approx 68 per cent, at Rs 653.01 crore.

Commenting on the results, Mr. Vivek Chaand Sehgal, Chairman, Samvardhana Motherson Group said:

• In continuation to the robust growth, this quarter has seen positive trends in the automotive industry with the Indian passenger vehicle market production registering 31 per cent growth. On account of excellent performance of our customers we too have been able to outperform the market with a domestic sales growth of 60 per cent.

• SMR has shown consistent performance registering 7 per cent sales growth with positive PAT and EPS accretive.