Comments
Motherson Sumi Systems Ltd (MSSL) on Monday said its consolidated net profit declined 41.67 per cent to Rs 360.64 crore for the quarter ended June 30, 2019.
The auto component major had reported a profit of Rs 618.35 crore during the same period of previous fiscal.
Total revenue from operations rose to Rs 16,792.53 crore for April-June 2019 as compared with Rs 14,775.46 crore in the year-ago period, MSSL said in a regulatory filing.
The company’s profitability was impacted by adverse ramp-up costs at Samvardhana Motherson Peguform (SMP) greenfield projects and tough market conditions, it added.
“The greenfield plants of SMP are showing slow continuous improvement and we expect the trend to continue provided there is no further global slowdown,” MSSL Chairman Vivek Chaand Sehgal said.
The company continues to focus on managing cash flows and debt, and in improving operational efficiency, he added.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.