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Auto component major Motherson Sumi Systems Ltd on Monday reported a 38.67 per cent decline in consolidated net profit at ₹340.32 crore for the third quarter ended December 31, 2019.
The company had posted a consolidated net profit of ₹554,99 crore in the same quarter last fiscal.
The company’s revenue from operations during the quarter stood at ₹15,436.46 crore, as against ₹16,233.65 crore in the year-ago period, it added.
MSSL Chairman Vivek Chaand Sehgal said these results reflect the efforts of the team to ‘breathe with the market’ and noted that there were “challenging conditions” in the market.
“We have intensified our focus on the areas we control. We continue to strengthen our operations at the unit level around the world and bring our greenfield plants to optimum levels,” he added.
The company has been “able to support original equipment manufacturers (OEMs) in navigating through challenging conditions in certain markets and also in managing our cash flows wisely”, he added.
MSSL further said it has been focusing on improving operational efficiencies across units.
Considering the challenging market conditions globally all business divisions have performed well, it said adding, India operations showed stable profits during the quarter largely driven by programs to improve operational efficiencies in a declining market.
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