Motherson Sumi reported consolidated internet revenue of Rs 714 crore.
Shares of the Noida-based auto elements maker – Motherson Sumi Systems – rose as a lot as 11 per cent to hit file excessive of Rs 264.40 on the BSE after it reported Match quarter earnings. Motherson Sumi reported consolidated internet revenue of Rs 714 crore as in opposition to Rs 183 crore in the identical quarter final 12 months that marked a rise of 290 per cent or almost 4 instances. Motherson Sumi’s income from operations superior 18 per cent yearly to Rs 16,836 crore. Consolidated revenues within the final quarter of economic 12 months 2021 jumped to greater than pre-COVID ranges as industrial exercise picked up globally, Motherson Sumi mentioned in a press launch. (Track Motherson Sumi share value right here)
“Despite multiple headwinds such as chip shortage, higher commodity costs etc. the company sustained profitability,” the Noida-based auto part maker mentioned.
During the quarter, firm efficiently accomplished two acquisitions (75 per cent in Plast Met in Turkey and property of Bombardier rolling inventory in Mexico) in April 2021.
Going forward, manufacturing shutdowns in India and semi-conductor shortages globally prone to be headwinds for OEM manufacturing within the close to time period, Motherson Sumi mentioned.
“We appreciate the overwhelming support from shareholders with regards to the group re-organisation. It reinforces our belief in the merits of the reorganisation scheme. The Q4 and FY21 results are reflection of the tremendous hard work that our teams have put in globally despite multiple challenges and sets the tone for us to achieve our stated Vision 2025 targets,” Vivek Chaand Sehgal, Chairman, Motherson Sumi Systems mentioned in a press release.
As of two:03 pm, Motherson Sumi shares traded 10.53 per cent larger at Rs 262, outperforming the Sensex which was down 0.7 per cent.
