Shares of the Noida-based auto elements maker – Motherson Sumi Programs – rose as a lot as 11 per cent to hit document excessive of Rs 264.40 on the BSE after it reported Match quarter earnings. Motherson Sumi reported consolidated internet revenue of Rs 714 crore as in opposition to Rs 183 crore in the identical quarter final yr that marked a rise of 290 per cent or practically 4 occasions. Motherson Sumi’s income from operations superior 18 per cent yearly to Rs 16,836 crore. Consolidated revenues within the final quarter of economic yr 2021 jumped to greater than pre-COVID ranges as industrial exercise picked up globally, Motherson Sumi mentioned in a press launch. (Observe Motherson Sumi share worth right here)
“Regardless of a number of headwinds similar to chip scarcity, increased commodity prices and many others. the corporate sustained profitability,” the Noida-based auto element maker mentioned.
In the course of the quarter, firm efficiently accomplished two acquisitions (75 per cent in Plast Met in Turkey and property of Bombardier rolling inventory in Mexico) in April 2021.
Going forward, manufacturing shutdowns in India and semi-conductor shortages globally prone to be headwinds for OEM manufacturing within the close to time period, Motherson Sumi mentioned.
“We admire the overwhelming help from shareholders almost about the group re-organisation. It reinforces our perception within the deserves of the reorganisation scheme. The This fall and FY21 outcomes are reflection of the super onerous work that our groups have put in globally regardless of a number of challenges and units the tone for us to realize our acknowledged Imaginative and prescient 2025 targets,” Vivek Chaand Sehgal, Chairman, Motherson Sumi Programs mentioned in a press release.
As of two:03 pm, Motherson Sumi shares traded 10.53 per cent increased at Rs 262, outperforming the Sensex which was down 0.7 per cent.