Motherson Sumi Systems Q1 net up 62% at Rs 266 cr

Auto component maker Motherson Sumi Systems today posted a 62.31 per cent increase in its consolidated net profit at Rs 265.76 crore for the first quarter ended June 30.

The company had posted a net profit of Rs 163.73 crore during the same period of the previous fiscal.

Net sales of the company rose to Rs 9,251.71 crore during the quarter, as against Rs 8,296.43 crore in the same period of previous fiscal, Motherson Sumi Systems Ltd (MSSL) said in a filing to BSE.

"We are strengthening our base to service the requirements of our customers and in line with the 2020 targets. The facilities that we are creating would form the foundation of our growth over the coming five years," MSSL Chairman VC Sehgal said.

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

Shares of the company were trading at Rs 375.50 apiece on BSE, down 3.92 per cent from previous close.