Motherson Sumi Wiring India Q1FY23 revenues and PAT up by 50% and 107% respectively, Auto News, ET Auto
New Delhi:Motherson Sumi Wiring India Limited (MSWIL) on Friday reported its Q1 FY23 revenues of INR 1,671 crores, up by 50%. Meanwhile, the company’s quarterly EBITDA stood at INR 208 crores, up by 81%, and Q1 FY23 PAT at INR 126 crores, up by 107%.
Vivek Chaand Sehgal, Chairman, Motherson Sumi Wiring India Ltd., said, “The Indian automotive industry continued to face semiconductor shortages and supply chain constraints during the quarter, thereby impacting the ability to achieve full production volumes to meet the strong market demand.”
However, “We do see gradual improvement going forward as supply chain issues ease though the inflationary environment persists. Under these given circumstances, the company has performed well,” he added.
During the quarter, the company realigned its operations in Bengaluru and Chennai to cater to the increased customer requirements. The company is also adding a new facility in Chennai to support the growth in the region, a company regulatory filing said.
A dedicated line has also been set up in Chennai for high voltage harnesses to meet the supplies for customers’ EV vehicle demand (Passenger Vehicles, Commercial Vehicles & Two-Wheelers). This augments the high voltage wire harness facilities in Pune.