Motherson Sumi Systems lost 2.65% to Rs 279 at 13:07 IST on BSE, with the stock sliding on profit taking after consolidated net profit surged 54.59% to Rs 303 crore on 25.59% growth in sales to Rs 8289 crore in Q4 March 2014 over Q4 March 2013.
The Q4 result was announced during market hours today, 22 May 2014.
Meanwhile, the S&P BSE Sensex was up 191.76 points or 0.79% at 24,489.78.
On BSE, so far 9.82 lakh shares were traded in the counter as against average daily volume of 2.46 lakh shares in the past two weeks.
The stock hit a high of Rs 306.50 so far during the day, which is a record high for the counter. The stock hit a low of Rs 273 so far during the day.
Shares of Motherson Sumi Systems had witnessed a pre-result rally. The stock had surged 9.82% in two trading sessions to settle at Rs 286.60 on Wednesday, 21 May 2014, from a recent low of Rs 260.95 on 19 May 2014.
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Motherson Sumi Systems said it has reported its highest ever earnings for the quarter as well for the year, both on consolidated as well on standalone basis.
Motherson Sumi Systems' consolidated EBITDA surged 38.43% to Rs 796 crore in Q4 March 2014 over Q4 March 2013.
Motherson Sumi Systems' consolidated net profit jumped 71.91% to Rs 765 crore on 20.34% growth in sales to Rs 30358 crore in the year ended 31 March 2014 (FY 2014) over the year ended 31 March 2013 (FY 2013).
EBITDA surged 50.23% to Rs 2868 crore in FY 2014 over FY 2013.
Motherson Sumi Systems incurred capital expenditure of Rs 1352 crore during FY 2013-14. Net debt stood at Rs 3934 crore as on 31 March 2014 as against Rs 4310 crore as on 31 March 2013. There was net reduction in debt by Rs 376 crore during the year in spite of weakening of rupee, the company said in a statement.
Motherson Sumi Systems supplies components, modules and systems to the automotive sector. Its business portfolio encompasses electrical distribution system (EDS), polymer products and complete module solutions. It is the largest supplier of EDS to the Indian automotive industry.
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