The Hindu Business Line : Motherson Sumi Q4 net dips 64% on shrinking sales, forex losses

Motherson Sumi Systems Ltd on Monday posted a decline in net profit and sales for the fourth quarter of the fiscal and the full year. Its consolidated sales and profit improved owing to its presence in diversified global markets.

The company’ standalone net profit for the fourth quarter declined 64 per cent to Rs 16.06 crore (Rs 44.71 crore). For the entire year, profit after tax declined by 45 per cent to Rs 69.54 crore (Rs 128.19 crore). The drop in standalone profits was because of shrinking domestic market sales and foreign exchange losses of Rs 24.92 crore. The company’s net sales for the fourth quarter fell 16.40 per cent to Rs 317.26 crore (Rs 379.50 crore). During the year ended March 31, the company’s net sales were Rs 1,294.94 crore against Rs 1,303.10 crore in the previous fiscal.

“In India the market was hit. But we improved our content/car by increasing the number of components we supply through our overseas subsidiaries. This has resulted in a better performance in our consolidated results,” said Mr Pankaj Mittal, President and COO of the company.

Consolidated profit for the quarter almost doubled to Rs 123.06 crore (Rs 61.79 crore.) For the whole year, profits recorded a 26 per cent increase to Rs 221 crore from Rs 174.83 crore. Net sales increased to Rs 826.56 crore (Rs 586.70 crore) during the quarter.

For the year, net sales were up by 28 per cent to Rs 2,595.64 crore (Rs 2,028.12 crore). The company has recommended a dividend of Rs 1.35 a share (135 per cent). The company’s shares closed 11.6 per cent up on the NSE on Monday at Rs 74.80.

More Stories on : Financial Performance | Automobile Components

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page