 "motherson sumi")
Auto component major Motherson Sumi on Friday reported a 79.96 per cent drop in its consolidated net profit to Rs 225.95 crore for the third quarter ended December 31.
The company had posted a consolidated net profit of Rs 1,127.83 crore in the same period of the previous fiscal.
Total revenue from operations stood at Rs 16,117.51 crore in the quarter under review against Rs 17,092.44 crore in the year-ago period, Motherson Sumi Systems Ltd (MSSL) said in a statement.
These results are an indication of the resilience of our business and the efforts of our teams globally under challenging market conditions.
While the global supply chain shortages have eased partially, challenges from higher costs remain. We are optimistic that the industry situation will gradually improve further in the upcoming months," MSSL Chairman Vivek Chaand Sehgal noted.
In the quarter, the company has received the final NCLT approval, which now gives effect to the proposed re-organisation and lays the path for future growth through Motherson 2.0, he added.
On a standalone basis, MSSL reported a net profit (from continuing operations) of Rs 56.44 crore for the third quarter as compared to Rs 108.77 crore a year ago.
Total revenue stood at Rs 1,321.38 crore in the third quarter against Rs 1,126.90 crore in the December quarter of 2020-21.
Shares of the company were trading 2.3 per cent down at Rs 176.25 apiece on BSE.
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