Motherson Sumi Q1 net profit down 21% at Rs 347 cr

Auto component major Motherson Sumi Systems Ltd today reported 20.95 per cent decline in consolidated net profit to Rs 347.32 crore for the first quarter ended June 30.
The company had posted a consolidated net profit of Rs 439.36 crore in the same period last fiscal, Motherson Sumi Systems Ltd (MSSL) said in a BSE filing.
The company said during the quarter it had incurred an exceptional expense of Rs 150 crore as redemption premium and unamortised transaction costs for prepayment of senior secured notes amounting to 500 million euros due in 2021.
Gross sales during the period under review was at Rs 13,194.80 as against Rs 10,626.27 crore in the year-ago quarter, a growth of 24.17 per cent.

Gross sales within India during the first quarter were at Rs 1,824.97 crore, as against Rs 1,465.98 crore in the corresponding period last fiscal.
On the other hand, gross sales from outside India were at Rs 11,369.83 crore as against Rs 9,060.29 crore.

Commenting on the company's activities during the quarter, MSSL Chairman Vivek Chaand Sehgal said: "Our new plant build-ups are progressing well. In Hungary and the USA, SMP is nearing the scheduled customer launch dates with two large facilities".
These will further strengthen the company's ability to meet the requirements of customers in these regions, he added.
MSSL said globally, 10 plants are at different stages of completion out of which three new plants have been added, while two plants have started operations since the previous announcement made during the results for December 2016 quarter.

Shares of Motherson Sumi Systems Ltd were trading at Rs 326 apiece in afternoon trade, down 1.21 per cent from the previous close on BSE.