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Motherson Sumi Systems share price closes lower on 38% decline in Q3 net profit

BusinessToday.In     February 10, 2020

Motherson Sumi Systems share price closed lower on Monday after the firm reported a 38.6 per cent decline in its consolidated profit for the quarter ended December 31, 2019. Share price of Motherson Sumi Systems ended 5.56% lower at Rs 124.95 against previous close of Rs 132.30 on BSE.

Motherson Sumi Systems stock fell up to 8.24% to  Rs 121.4 during the day. The large cap stock has lost 8.6% in last two days. The stock has lost 7.48% during the last one year and 15% since the beginning of this year. Market capitalisation of Motherson Sumi stood at Rs 41,937 crore on BSE.

The firm posted a profit of Rs 340.32 crore for the quarter ended December 31, 2019 compared with consolidated profit of Rs 554.99 crore in the year-ago period.

Consolidated income during October-December quarter fell to Rs 15,739.38 crore against Rs 16,533.99 crore in the year-ago period.

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"We have intensified our focus on the areas we control. We continue to strengthen our operations at the unit level around the world and bring our greenfield plants to optimum levels," said Chaand Sehgal, Chairman, Motherson Sumi Systems.

The auto components firm reported a 7.6 per cent decline in consolidated net profit to Rs 457.82 crore in Q2 of current fiscal compared to consolidated net profit of Rs 495.48 crore in the corresponding period of the previous financial year. Revenue from operations grew 5.76 per cent to Rs 15,708.99 crore against Rs 14,853.55 crore in the year-ago quarter.

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