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Motherson Sumi Wiring India Q4FY24 PAT grows 38% 191 cr

Motherson Sumi Wiring India Q4FY24 PAT grows 38% 191 cr

| @indiablooms | 16 May 2024, 08:30 pm

Mumbai: Motherson Sumi Wiring India announced a 38% increase in fourth-quarter profit on Thursday, attributed to robust demand in the automotive sector.

Profits surged to Rs 191 crores ($22.9 million) for the three months ending March 31, up from Rs 138 crores in the corresponding period the previous year.

Motherson Sumi specializes in providing wiring harness solutions to leading automotive manufacturers such as Maruti Suzuki, Tata Motors, and Hyundai.

The company witnessed a steady rise in demand for cars, particularly for sport utility vehicles (SUVs), during the quarter.

Increased demand for passenger vehicles and electric vehicle models drove the need for wiring harnesses, according to the company's statement.

Based in Noida, Motherson Sumi Wiring India operates as a joint venture between India's Samvardhana Motherson International and Japan's Sumitomo Wiring Systems.

Total revenue from operations surged by 19% to 22.33 billion rupees during the period.

The company's earnings before interest, tax, depreciation, and amortization (EBITDA) margin expanded to 13%, up from 11.8% in the same period last year.

Motherson Sumi Wiring India Ltd. Chairman Vivek Chaand Sehgal said, “This robust performance demonstrates our resilience, agility, and strategic focus on delivering value to our customers. It also reflects our teams' hard work and efforts towards supporting our customers.

“We are well-positioned to leverage our strengths and capitalise on new opportunities in the evolving market landscape. Through our relentless focus on the development of human resources, new products, localisation and enhancing manufacturing excellence through digitisation, we continue to enhance our product offerings and competitiveness and drive long-term value creation for our stakeholders.”

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