Motherson Sumi Q2 net jumps 26% at Rs 438.41 cr

10/11/2016 16:13

Motherson Sumi Systems Ltd (MSSL) on Thursday reported a 26.17 per cent rise in consolidated net profit at Rs 479.85 crore for the quarter ended September 30.

The company had posted a net profit of Rs 380.32 crore during the same period of the previous fiscal, the company said in a filing to the Bombay Stock Exchange.

Total income from operations of the company rose to Rs 10,332.59 crore during the period under review, up 14.31 per cent, as against Rs 9,038.78 crore in the same quarter last fiscal.

“We continue to consolidate operational improvements in our performance which is reflected in healthy growth of profits…The reduction in net debt provides additional headroom to prepare for growth. Our organic growth is firmly on track to reaching our 2020 targets,” MSSL Chairman Vivek Chaand Sehgal said.

MSSL today said its global subsidiary SMRP BV has commenced commercial execution of orders worth Rs 23,000 crore (nearly Euro 3.09 billion) during the first half of the ongoing fiscal. “The subsidiary has won new orders worth Rs 12,000 crore (nearly Euro 1.6 billion) during the same period, which takes the total order book position to over Rs 89,000 crore (Euro 11.9 billion),” it added.

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