MOTHERSON SUMI Q3 PROFIT DECLINES 1.2% TO ₹555 CRORE

NEW DELHI: Auto component major Motherson Sumi Systems on Monday reported 1.19% drop in consolidated net profit at ₹554.99 crore for the third quarter ended December 31, 2018, on account of higher tax expenses during the period.

The company had reported a profit of ₹561.71 crore during the same period of previous fiscal.

Revenue from operations, however, rose to ₹16,233.65 crore as compared with ₹14,271.45 crore i n October-december 2017-18.

The c ompany’s t ot al t ax expenses for the third quarter stood at ₹269.26 crore, up 7.01% from ₹251.61 crore in the yearago period.

“All of our operating businesses have performed well under current market conditions,” Motherson Sumi Systems chairman VC Sehgal said in a statement.

With the start of production at Tuscaloosa (US) in this quarter, all the key greenfield projects are now completed, he added.

The company has set up 33 new plants in last four years to create capacities for the orders given by the customers, Sehgal said. Shares of the company were down 1.7% ₹132.75 apiece on BSE on Monday.