Noida: Motherson Sumi Systems Limited (MSSL) today announced financial results for its fiscal 2016-2017 first quarter, which ended on 30th June 2016.
The company posted quarterly consolidated revenues of INR 10,352 Cr. and consolidated quarterly profit after taxes (PAT) of INR 303 Cr. These results compare to revenues of INR 8,915 Cr. and profit after taxes of INR 267 Cr in the same quarter in the previous year. The growth was fueled by strong performance across the major product divisions and geographies.
“The revenues for first quarter of Fiscal 2016-17 have been our best ever. We have double digit growth on both revenues and profits. It reflects the tremendous momentum we have in our organic growth, propelling us towards our 2020 targets”, said Vivek Chaand Sehgal, MSSL’s Chairman. “We are very grateful to our customers for showing us the way to becoming a globally preferred solutions provider.”
Q1 FY16-17 Consolidated performance highlights
Standalone revenues grew by 18% to INR 1,396 crores and EBITDA grew by 17%. In the quarter ended June 2015, Rs. 36 Cr. was added income on account of sale in the shareholding in JVs with WOCO.
In Euro terms, SMRPBV saw consistent organic revenue growth of 11% & EBITDA growth of 16%, SMR revenues grew by 7% & EBITDA grew by 13% while for SMP revenues grew by 13% and EBITDA grew by 28%.
New plants underpin strong further organic revenue growth
MSSL continues to commission new plants globally across its all product verticals. In total, 14 plants are at different stages of completion out of which 4 are the news plants added since the previous announcement made during the results for Dec 2015 quarter. 07 plants which have been commissioned as reported earlier have now been ramping up for new programs of the customers.
“The new plant commissions are well underway and our teams are working really hard to implement the work methodologies and work culture similar to our best units into the new and upcoming units.” said Vivek Chaand Sehgal, MSSL’s Chairman. “We have been strengthened by very positive responses from our customers about the performance of our new units, right from the start of production.”
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