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Boosted by robust demand from both the domestic and the export market, auto components maker, Motherson Sumi Systems Ltd (MSSL) reported a 42 per cent consolidated net profit for the quarter ended December 31, 2010. Net profit for the quarter stood at Rs 106.37 crore as against Rs 74.88 crore in the corresponding quarter last year.
The company’s consolidated net sales for the quarter was up 17 per cent at Rs 2,083 crore as against Rs 1,782 crore in the corresponding quarter last year.
Commenting on the results, Mr G N Gauba, Chief Financial Officer, MSSL said, “Demand has been robust in both the export and the domestic market. Exports have grown by almost 38 per cent.”
Mr Gauba also added that the company’s capital expenditure for the next fiscal is pegged at Rs 500 crore. The investment will be made on the expansion of capacity at the company’s plants in India and abroad.
MSSL’s standalone net profit grew by almost 29 per cent to Rs 77.5 crore as against Rs 60 crore in the corresponding quarter last fiscal. The company’s standalone net sales grew by 72 per cent at Rs 752 crore as against Rs 436 crore in the corresponding quarter last year.
The company’s scrip on the BSE closed at Rs 185.70 on Thursday, 3.66 per cent higher than the previous close.
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