Motherson Sumi Wiring reports 31% yoy jumps in revenues, crosses Rs1800 crore mark in Q2FY23

1 Nov 2022 , 09:16 AM

Motherson Sumi Wiring India Limited (MSWIL) has announced its financial results for the fiscal 2022-23 second quarter, which ended on September 30, 2022.

Performance Highlights

• Quarterly revenues of Rs1,835 crore, up by 31% yoy
• Quarterly EBITDA of Rs190 crore, up by 2% yoy
• Quarterly PAT of Rs116 crore, up by 2% yoy

Business Commentary

• Significant growth in business on back of strong capabilities and long-standing customer relationships, expanding capacities to meet enhanced requirements of customers.
• EBITDA in Q2FY23 impacted due to costs such as i. Initial one-time startup costs of new programs at Bengaluru and new facility at Chennai. ii. To meet the increased volume, additional costs on expedited freight / extra ordinary manpower costs have been incurred, further aggravated by supply chain constraints.
• Ongoing discussions with customers for one time compensation as well as alignment to new cost structure to mitigate current and future impact.

Commenting on the results, Vivek Chaand Sehgal, Chairman, Motherson Sumi Wiring India Ltd. said, “Indian automotive industry is showing signs of revival and our customers are also ramping up production. This has resulted in one-time costs which should be mitigated in the coming quarters.

The company is well positioned to leverage India growth story and mega trends, thanks to our consistent performance and long standing customer relationships.”

On Tuesday early morning trade, Motherson Sumi Wiring was trading at Rs84.20 per share lower by 3.94% on the BSE.

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