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Motherson Sumi Q3 results: Net profit triples to Rs 798 cr, revenue up 15%

The automotive component manufacturing company's revenue rose 15 per cent to Rs 17,923 crore in December quarter, the highest ever in a quarter.

twitter-logoBusinessToday.In | February 12, 2021 | Updated 20:01 IST
Motherson Sumi Q3 results: Net profit triples to Rs 798 cr, revenue up 15%
Motherson Sumi's EBITDA rose 56 per cent to Rs 2,041 crore in December quarter.

Motherson Sumi Systems Ltd on Friday reported a consolidated net profit of Rs 798 crore for October-December quarter, almost triple of Rs 271 crore posted in the year-ago quarter, on higher demand.

The automotive component manufacturing company's revenue rose 15 per cent to Rs 17,923 crore in December quarter, the highest ever in a quarter, while total expenses rose 10 per cent to Rs 16,170 crore.

The company's earnings before interest, tax, depreciation and amortisation (EBITDA) rose 56 per cent to Rs 2,041 crore, while EBITDA margin expanded to 11.4 per cent from 8.4 per cent in the year-ago quarter.

Motherson Sumi said its operations have normalised with most facilities running at pre-COVID levels, while there are indications of positive consumer sentiments reflected by increased demand globally.

Also read: Coronavirus pandemic has put focus back on personal vehicles, says Motherson Sumi chairman

There was sustained improvement in performance of greenfield plants with a continued focus on cost reduction and efficiency improvements, the company said in a release.

Consolidated net debt stood at Rs 6,206 crore as on December 31, 2020, the lowest compared to previous 14 quarters on strong operating cash flows.

On a standalone basis, the company's net profit rose 49 per cent to Rs 249 crore.

"Our global teams have put in tremendous efforts in challenging conditions to ensure uninterrupted supplies to our customers. These quarterly numbers are reflection of their hard work as well the trust of our customers on Motherson," the company's Chairman Vivek Chaand Sehgal said.

With the rollout of COVID-19 vaccines in different parts of the world, he said the company is optimistic that demand and positive sentiments will improve in the upcoming quarters.

Also read: ITC Q3 results: Net profit falls 11.6% to Rs 3,663 cr, declares interim dividend of Rs 5 per share

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