Auto components manufacturer Motherson Sumi Systems on Tuesday reported a net profit of Rs 138 crore for the second quarter ended September 30, up 467 per cent against Rs 24 crore in the same period last year. Consolidated net income also rose by 153 per cent to Rs 5,800 crore from Rs 2,290 crore in the corresponding period last year.
“Domestic volumes and sales to customers outside India also grew by 18 per cent and 235 per cent, respectively,” the company said.
Standalone business had a healthy growth of 44 per cent on exports from India and domestic sales grew by 19 per cent in spite of difficult domestic market situation such as big impact due to lock out in Maruti Suzuki India’s Manesar plant, it said.
The company said consistent improvements, despite drop in revenues due to Europe summer holidays, it maintained healthy operations culminating in a cash positive results for the July-September quarter.
As of September 30, the company had a net debt of Rs 4,275 crore and cash and bank balance of Rs 608 crore, it said. Debt managed as on September 30 was similar to March levels, it said.
Motherson Sumi Systmes’ shares closed at Rs 156.35 on the Bombay Stock Exchange on Tuesday, up 1.96 per cent from the previous close.