Motherson Sumi Systems Q1 net up 16% at Rs 439.36 cr

Auto component maker Motherson Sumi Systems today reported 15.81% increase in consolidated net profit at Rs 439.36 crore for the first quarter ended June 30, 2016.

The company had posted a net profit of Rs 379.38 crore in the same period last fiscal, Motherson Sumi Systems (MSSL) said in a BSE filing.

Net sales during the period under review stood at Rs 10,352.33 crore as against Rs 8,915.47 crore, up 16.11%.

"The revenues for first quarter of fiscal 2016-17 have been our best ever. We have double digit growth on both revenues and profits. It reflects the tremendous momentum we have in our organic growth, propelling us towards our 2020 targets," MSSL Chairman Vivek Chaand Sehgal said.

The company said its growth was fuelled by strong performance across the major product divisions and geographies.

It said globally 14 plants are at different stages of completion, out of which four are new plants added since the previous announcement made during the results for Dec 2015 quarter.

"The new plant commissions are well underway and our teams are working really hard to implement the work methodologies and work culture similar to our best units into the new and upcoming units," Sehgal said.

Shares of MSSL were trading at Rs 334.15 apiece in the mid-day trade, down 5.23% from the previous close on the BSE.