Motherson Sumi Wiring India Q4 Profit Up 38% to Rs 191.44 cr

New Delhi, May 16 (PTI) Auto components maker Motherson Sumi Wiring India Ltd on Thursday reported a 38.3 per cent rise in net profit to Rs 191.44 crore in the fourth quarter ended March 2024.

The company had posted a net profit of Rs 138.47 crore in the same quarter a year ago, Motherson Sumi Wiring India said in a regulatory filing.

Consolidated total revenue from operations in the quarter under review was Rs 2,232.67 crore as against Rs 1,871.96 crore in the corresponding period previous fiscal, it added.

Total expenses in the fourth quarter were higher at Rs 1,986.54 crore as compared to Rs 1,698.5 crore in the same period a year ago.

The board has recommended a dividend of 80 paise per equity share of face value Re 1 for the financial year ended March 31, 2024, subject to approval of the shareholders at the ensuing annual general meeting, it added.

For the fiscal ended March 31, 2024, net profit was Rs 638.3 crore over Rs 487.04 crore in the preceding year, the company said.

In FY24, consolidated total revenue from operations was Rs 8,328.25 crore as against Rs 7,067.99 crore in FY23.

"This robust performance demonstrates our resilience, agility, and strategic focus on delivering value to our customers," Motherson Sumi Wiring India Chairman Vivek Chaand Sehgal said.

He said the company is well-positioned to leverage its strengths and capitalise on new opportunities in the evolving market landscape.

"Through our relentless focus on the development of human resources, new products, localisation and enhancing manufacturing excellence through digitisation, we continue to enhance our product offerings and competitiveness and drive long-term value creation for our stakeholders," Sehgal added.

Motherson Sumi Wiring India said consistent financial prudence has enabled it to maintain a debt-free status.