Motherson Sumi Wiring India Limited (MSWIL) on Friday announced its financial results for the fiscal 2023-24 first quarter, which ended on 30th June 2023, the company announced through an exchange filing.
Key Highlights
Growth in revenue is aided by increasing content per vehicle and product mix.
Significant traction for EV (PV and CV), with YoY growth of 3x in Q1FY24 as compared to corresponding quarter previous year.
Initiated supplies to 2 leading players in EV commercial segment.
The quarter also had block closure at some of our major customers.
Motherson Sumi Wiring India Limited Q1 Earnings
Total Income: Rs 1,872.34 crore vs 1,678.63 crore YoY
Total Expense: Rs 1,706.25 crore vs Rs 1,502.70 crore YoY
Net Profit: Rs 123.13 crore vs Rs 125.96 crore YoY
“The company continues to deliver good and consistent performance. The additional capacities which were created over the past few quarters have started to contribute towards revenue growth. Operational improvements continue to support the performance despite inflationary headwinds and supply chain issues at the customer’s end. With cost reduction initiatives in place coupled with the continued support of the customers, we believe that we will continue to deliver value to our stakeholders in the upcoming quarters as well,” said Vivek Chaand Sehgal, Chairman, Motherson Sumi Wiring India Ltd.
Motherson Sumi Wiring India Limited shares
The shares of Motherson Sumi Wiring India Limited on Friday at 2:57 pm IST were at ₹58.90, down by 2.08 percent.
