Motherson Sumi Wiring India Q1 Net Profit Rises Marginally to Rs 145.32 Cr

New Delhi: Auto components maker Motherson Sumi Wiring India Ltd on Tuesday reported a 1.55 per cent increase in net profit to Rs 145.32 crore in the first quarter ended June 30, amid a challenging cost environment.

The company had posted a net profit of Rs 143.1 crore in the corresponding quarter of the previous fiscal, Motherson Sumi Wiring India Ltd (MSWIL) said in a regulatory filing.

Total revenue from operations in the first quarter was at Rs 3,407.26 crore as compared to Rs 2,494.03 crore in the year-ago period, it added.

Total expenses in the quarter under review were higher at Rs 3,217.26 crore as compared to Rs 2,305.26 crore in the same period a year ago, the company said.

Higher average copper prices compared with the prior year and significant minimum wage revisions in multiple states impacted profitability, it added.

“We continue to outperform industry growth despite ongoing cost headwinds, demonstrating our ability to execute consistently and create value alongside our customers,” Motherson Sumi Wiring India Ltd Chairman Vivek Chaand Sehgal said.

The company said its timely expansion into greenfields projects and successful ramp-up of new customer programs contributed to substantial revenue growth and enhanced customer confidence.

It further said constructive discussions with customers are continuing to recover cost increases and maintain business momentum.

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