Motherson's Q1 net up 62% to Rs 266 crore

Leading auto component maker Motherson Sumi Systems has reported a 62% jump in net profit for the quarter ended June 30 on account of higher revenues, lower inventory loss and increase in other income.

Consolidated net profit for the quarter stood at Rs 266 crore against Rs 164 crore in the same quarter last year. Net sales rose over 11% to Rs 9,251 crore. Inventory loss came down to Rs 4.68 crore against Rs 23.28 crore in the same quarter last year, while other income rose from Rs 4.91 crore to Rs 24.71 crore.

The company's stock lost 4.86% to close at Rs 371.80 at the BSE.

Motherson said it is coming up with six new plants to take care of customer requirements. Besides, there are 14 other plants at various stages of completion.