Major auto components manufacturer Samvardhana Motherson International (SAMIL), on Monday, reported a consolidated net profit (normalised) of ₹733 crore for the third quarter ended December 31, up 61 per cent year-on-year (y-o-y), against ₹454 crore in the corresponding period last financial year.
Consolidated revenue of the company for the quarter in review also grew by around 27 per cent y-o-y to ₹25,697.56 crore, compared with ₹20,267.24 crore in the October-December quarter in FY23.
“These results reflect the good performance of our business divisions. Reduction in net debt is important for us as we continue strengthening our financial position and pursuing strategic growth opportunities. We remain focussed on delivering sustainable and profitable growth, creating long-term value for our shareholders, and positively impacting our customers, employees and communities where we operate,” said Vivek Chaand Sehgal, Chairman, Motherson.
Net debt of the company reduced by around ₹866 crore despite merger and acquisition (M&A) payouts of around ₹750 crore during the quarter, said the company, adding that there is sufficient liquidity for meeting business requirements and funding of announced acquisitions.
Around 50 per cent of the ₹1,800-crore growth capex has already been invested to support growth in emerging markets, it added.
Shares of SAMIL closed at ₹114.10 apiece on the BSE on Monday, down 5.90 per cent from the previous close.