Motherson Sumi Q1 Profit Down 3.8%

New Delhi, Jul 28 (PTI) Auto component maker Motherson Sumi Wiring India Ltd on Monday reported a 3.8 per cent decline in net profit to Rs 143.1 crore in the June quarter, impacted by higher expenses.

The company had posted a consolidated net profit of Rs 148.87 crore in the corresponding period last fiscal year, Motherson Sumi Wiring India Ltd (MSWIL) said in a regulatory filing.

Total revenue from operations in the first quarter was at Rs 2,494.03 crore as against Rs 2,184.84 crore in the year-ago period, it added.

During the quarter, total expenses were higher at Rs 2,305.26 crore as compared to Rs 1,991.46 crore in the same period previous fiscal year, the company said.

The company said it had a strong revenue growth of 14 per cent year-on-year, where the industry grew 3 per cent, demonstrating strong content growth and presence on new model launches.

Commenting on the performance, MSWIL Chairman Vivek Chaand Sehgal said, "The company has delivered a robust year-on-year revenue growth, significantly outpacing the industry's expansion. This reflects our competitiveness and strong relationship with customers, which has enabled us to be present in their key existing and new model launches."

He further said, "While the ramp-up at a specific greenfield project is growing at a slower-than-expected rate due to market dynamics, we remain on track with our strategic expansion plans to support future requirements of OEMs.