Motherson Sumi net profit drops 80% to Rs 226 cr in Q3

14 Feb 2022 CW Team

Motherson Sumi Systems Ltd (MSSL), an auto component company, reported a 79.96% decline in its consolidated net profit to Rs 225.95 crore for the third quarter ended December 31.

In the same period the previous fiscal, the company had made a consolidated net profit of Rs 1,127.83 crore.

Motherson Sumi Systems Ltd (MSSL) said in a statement that total revenue from operations was Rs 16,117.51 crore in the quarter under review, compared to Rs 17,092.44 crore the year before.

These results demonstrate the company's resiliency and the efforts of teams around the world in the face of difficult market conditions.

In the quarter, the company has received the final National Company Law Tribunal (NCLT) approval, which now gives effect to the proposed re-organisation and lays the path for future growth through Motherson 2.0.

MSSL reported a net profit from continuing operations of Rs 56.44 crore in the third quarter, down from Rs 108.77 crore the previous quarter.

In the third quarter, total revenue was Rs 1,321.38 crore, compared to Rs 1,126.90 crore in the December quarter of 2020-21.

On the Bombay Stock Exchange (BSE), the company's shares were trading 2.3% lower at Rs 176.25 per share.

The Motherson Group's flagship company is Motherson Sumi Systems Limited (MSSL). It was founded in 1986, and since 1993, it has been listed on the Indian stock exchange. The company is a specialised full-system solutions provider with customers in Asia, Europe, North America, South America, Australia, and Africa in the automotive and other industries.

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Also read: Berger Paints net profit declines 8% to Rs 253 cr in Q3 FY22

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