Motherson Sumi reports nearly 21% rise in Q4 net on record sales

Auto component maker Motherson Sumi Systems on Tuesday reported 21.65% increase in consolidated net profit at Rs 413.72 crore for the fourth quarter ended March 31, 2016, riding on record sales.

The company had posted a consolidated net profit of Rs 340.1 crore in the same quarter of the previous year, Motherson Sumi Systems said in a BSE filing.

Net sales during the period under review stood at Rs 10,068.1 crore as against Rs 9,321.97 crore in the year-ago period, up 8%.

Motherson Sumi Systems (MSSL) Chairman Vivek Chaand Sehgal said customer trust helped the company in "setting up a new benchmark of more than Rs 10,000 crore in revenues in a quarter".

For the fiscal ended March 31, 2016, its consolidated net profit was at Rs 1,273.74 crore as against Rs 862.47 crore in the previous fiscal, a growth of 47.68%.

Net sales during the year were at Rs 38,033.49 crore as compared to Rs 34,490.31 crore in the previous year.

"It has been a good year to further enhance our performance...Operational improvements have been put in place and we have an exciting innovation pipeline, across MSSL companies," Sehgal said.

He said a "huge capacity expansion" is being undertaken at the acquired group firm Samvardhana Motherson Peguform, previously know as Peguform, at the request of customers.

Shares of Motherson Sumi Systems were trading at Rs 288.20 apiece in the afternoon trade, up 7.52% from the previous close on the BSE.