 "Motherson Sumi Wiring India Q1 profit rises to Rs 126 crore, revenue up 50%")
Motherson Sumi Wiring India Ltd (MSWIL) on Friday reported close to two-fold increase in net profit at Rs 126 crore for the first quarter ended June 2022.
The company had posted a net profit of Rs 79 crore in the April-June period of last fiscal.
Total revenue from operations rose to Rs 1,671 crore compared to Rs 1,114 crore in the year-ago period, MSWIL said in a statement.
During the quarter under review, the company said it has realigned its operations at Bengaluru and Chennai to cater to increased customer requirements.
Further, the company is adding a new facility in Chennai to support the growth in the region, it added.
MSWIL Chairman Vivek Chaand Sehgal said: "The Indian automotive industry continued to face semi-conductor shortages and supply chain constrains during the quarter, thereby impacting ability to achieve full production volumes to meet the strong market demand."
The company expects gradual improvement going forward as supply chain issues ease though inflationary environment persists, he added.
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MSWIL is a joint venture between Samvardhana Motherson International Ltd (SAMIL) and Sumitomo Wiring Systems.
The company caters to the wiring harness segment.