Auto component maker Motherson Sumi Systems today reported a 12.41 per cent increase in its consolidated net profit at Rs 340.10 crore for the quarter ended March 31.

The company had posted a net profit of Rs 302.53 crore in the same quarter in the previous fiscal, Motherson Sumi Systems said in a filing to the BSE.

Net sales during the quarter under review stood at Rs 9,321.97 crore as against Rs 8,289.01 crore in the year-ago period, up 12.46 per cent.

Meanwhile, the board of directors at its meeting held today recommended a dividend of Rs 3 per share for the year, subject to the approval of shareholders.

For the full year, the company’s net profit was at Rs 862.47 crore as against Rs 764.97 crore in the previous fiscal, up by 12.75 per cent.

Net sales for 2014-15 were at Rs 34,490.31 crore as against Rs 30,357.95 crore in 2013-14, up 13.61 per cent.

Motherson Sumi Systems Chairman Vivek Chaand Sehgal said: “We are very happy with the way we have performed against our five-year targets, thanks to the continued support of our customers, employees and other stakeholders.”

In 2010, the company had set a target of becoming a $5-billion entity by 2015, which it has exceeded with its revenues currently at $5.5 billion.

Setting out the roadmap for the next five years, the company said it was aiming to become a $18-billion company by 2020.

“We are very excited to launch our fifth five-year plan. It reflects our strong belief in our ability to deliver great value to the business of our customers, across our organisation, across the world,” Sehgal said.

The company would pursue these targets through organic growth, as well as through customer-led acquisitions and the organic growth of these acquisitions within the Motherson family, he added.

Shares of Motherson Sumi Systems were trading at Rs 503 per scrip in afternoon trade, down 1.68 per cent on the BSE.

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