Automotive component manufacturer Motherson Sumi has reported a decline of 7.43 per cent in its standalone net profit during the financial year 2018-19. The company reported a net profit of Rs 813.77 crore during the fiscal under review. The standalone net profit reported during the financial year ended March 31, 2018 was Rs 879.13 crore.
Motherson Sumi's total income for FY19 was at Rs 7,767.80 crore, as opposed to Rs 7,807.69 crore reported during FY18. The total revenue from operations also slipped to Rs 7,581.27 crore from Rs 7,667.33 crore. The company saw its material expenses rising to Rs 4,200.26 crore during the financial year 2018-19, in comparison to Rs 3,880.20 crore reported during financial year 2017-18.
Notably, company's gross sales within India slipped during FY19 to Rs 6,408.06 crore in comparison to Rs 6,679.37 crore in FY18. Sales outside India, however, grew slightly to Rs 987.80 crore from Rs 840.20 crore.
In consolidated terms, Motherson Sumi registered a marginal growth in net profit at Rs 1,613.16 crore during FY19 from Rs 1,597.01 crore reported during FY18. The consolidated gross sales rose to 62,571.58 crore during the fiscal under review, which the company claims is the highest-ever revenue in a financial year.
On a quarterly basis, Motherson Sumi reported a net profit of Rs 210.79 crore during the January-March quarter. The company had posted net profit of Rs 241.83 crore during the corresponding quarter in the past fiscal.
"We have achieved strong order book of over Rs. 1.47 lakh crore, which brings us great opportunities to further serve our customers globally. It's heartening to see that we have generated higher net free cash in an uncertain market condition despite ramp up of new large plants at Tuscaloosa and Kecskemet. We are committed to create long term value for our all stakeholders," said Vivek Chaand Sehgal, Chairman, Motherson Sumi Systems Limited.
Moreover, the company recommended a dividend of Rs 1.50 per equity share with face value of Re 1 each for the financial year ended March 31, 2019. The issue of dividend is subject to shareholders' approval at the upcoming AGM of the company.