Motherson Sumi Wiring India Q1FY23 revenues and PAT up by 50% and 107% respectively, Auto News, ET Auto

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Motherson Sumi Wiring India Q1FY23 revenues and PAT up by 50% and 107% respectively

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.

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According to the company, its EBITDA for Q1 FY23 stood at INR. 214.86 crore as against INR. 192.88 crore during the same period in the previous year, showing an increase of 11.4%.

Profit before tax stood at INR 438 crores (EUR 51.8 million which constitutes 12.3% of total revenue from operations; that is a 30.5% increase over the same quarter of the previous year. Profit after tax stood at INR 334 crores (EUR 39.5 million) which is 9.4% of revenue from operations, the company said.

K Mahendra Kumar, the present Chief Financial Officer of the company, has resigned and he will be relieved from the services of the company on September 8, 2022. Meyyappan will take charge on the next day.