Auto components manufacturer Motherson Sumi Systems (MSSL) on Tuesday reported a consolidated net profit of Rs 482 crore for the first quarter ended June 2018, up 57 per cent, compared with Rs 307 crore in the same period last year.
Revenues of the company also grew 24 per cent to Rs 16,106 crore during the quarter compared with Rs 12,967 crore in the April-June quarter last fiscal, the company said.
“A lot of hard work has been put in setting up of the new greenfield plants and we are pleased to inform that our largest plant in Tuscaloosa (USA) was inaugurated on April 26, 2018. With this, a large part of organic growth capex is completed,” Vivek Chaand Sehgal, Chairman, MSSL, said.
Motherson Sumi had also completed the acquisition of Reydel automotive on August 2, he said, adding that this acquisition will bring more opportunities to the company, and it will continue to explore new areas.
Motherson Sumi said six plants of the company are at different stages of completion across the globe. The company ended the session down by 3.13 per cent at Rs 304.55 on the BSE.