Samvardhana Motherson International profit grows manifold to Rs 654 cr in fourth quarter

Noida (Uttar Pradesh) [India], May 26 (ANI): Automotive component manufacturer Samvardhana Motherson International (SAMIL) on Friday reported a huge 438 per cent growth in its net profit to Rs 654 crore in March quarter of FY23, on the back of the strong booked business.

Sequentially, profit after tax grew 44 per cent. Motherson posted the highest-ever quarterly and yearly revenue.

Vivek Chaand Sehgal, Chairman, Motherson, said, "With the support of our customers and the hard work of our teams, the company has ended the year with strong performance. The robust booked business of nearly USD 70 billion is a reflection of customer trust in Motherson. SAMIL is well-positioned to gain from emerging trends in the automotive industry. The additional seven strategic acquisitions and the MA pipeline will further strengthen our business portfolio, and we look forward to exciting times ahead."According to a statement shared with stock exchanges, revenue rose 30 per cent to Rs 22,477 crore in the fourth quarter of FY23; sequentially revenue jumped 11. For FY23, revenue growth was 23 per cent to Rs 78,701 crore, which the company said it was the highest-ever yearly revenue.

In terms of operating profit, EBITDA zoomed by 61 per cent year-on-year and 23 per cent sequentially to Rs 2,066 crore. In FY23, EBITDA stood at Rs 6,394 crore, up by 33 per cent.

According to the statement, the profit in fiscal 2022-23 also jumped huge 193 per cent year-on-year to Rs 1,496 crore. (ANI)