Motherson Sumi posts Q4 profit of ₹1,018 cr

NEW DELHI: Auto components major Motherson Sumi Systems Ltd on Wednesday reported a nearly eight-fold jump in consolidated net profit at ₹1,018.69 crore in the fourth quarter of the last fiscal year (FY21) riding on robust sales.

The company had posted a consolidated net profit of ₹135.66 crore in the same quarter previous fiscal, Motherson Sumi Systems Ltd (MSSL) said

Consolidated total revenue from operations during the period under review stood at ₹16,971.91 crore as against ₹14,434.48 crore in the year-ago quarter, it added.

The company said its consolidated revenues in the fourth quarter of the financial year 2020-21 were more than precovid levels as industrial activity picked up all around the globe and sustained profitability.

For FY21, consolidated net profit was at ₹1,569.37 crore as compared to ₹1,294.44 crore in the previous year.

Commenting on the performance, MSSL Chairman Vivek Chaand Sehgal said, “The fourth quarter and financial year 2020-21 results are a reflection of the tremendous hard work that our teams have put in globally despite multiple challenges and sets the tone for us to achieve our stated Vision 2025 targets.”

Under its Vision 2025 targets, MSSL is aiming at $36 billion revenues in 2024-25 with 40% return on capital employed at a consolidated level.

It also states that no country, customer, or component should contribute more than 10% to its revenues, among others.