Motherson Sumi Q2 Net down 25.20% at Rs 104.44 crore

Auto components maker Motherson Sumi Systems today reported a 25.20 per cent decline in net profit at Rs 104.44 crore for the second quarter ended September 30, 2014, on account of exceptional expenses.
The net profit stood at Rs 139.63 crore in the same quarter last fiscal, Motherson Sumi said in a BSE filing.
During the July-September period, company's net sales stood at Rs 7,922.1 crore, up 10.55 per cent from Rs 7,165.73 crore in the year-ago period.
Exceptional expense during the quarter stood at Rs 124.27 crore.
Commenting on the result, Motherson Sumi Systems Ltd Chairman V C Sehgal said, "We are setting up 14 new plants funded from internal accruals to serve our customers. The prudent financial management of the company is demonstrated by self-sustaining and funding of SMR & SMP. We continue strong focus towards improving our ROCE (Return on capital employed) performance."

Shares of Motherson Sumi Systems were trading at Rs 409.95 apiece, down 4.26 per cent from their previous close on the BSE.