Auto component maker Motherson Sumi Systems Ltd (MSSL) today reported a 37 per cent increase in its consolidated net profit at Rs 241 crore for the quarter ended on March 31, 2010.
It had reported a net profit of Rs 176 crore for the fourth qaurter ended on March 31, 2009, the company said in a statement.
During the quarter under consideration, the total sales of the company stood at around Rs 1,928 crore as against Rs 826 crore in the corresponding quarter of previous fiscal.
Speaking about the performance of the firm, its chairman Vivek Chand Sehgal said MSSL had announced in 2005 that it aims to become a billion dollar company by 2010.
"In the 2009-10 fiscal, our total turnover is little less than Rs 7,000 crore, clearly exceeding the target set by us five years ago," Sehgal said.
For the financial year ended on March 31, 2010, the total sales of the company stood at Rs 6,923.9 crore, thus, registering a more than two-fold growth in sales as compared to Rs 2,639.7 crore in the previous fiscal.
The company's growth in the fiscal is mainly driven by the contributions made by its European subsidiary, Samvardhna Motherson Refletec (SMR), which it acquired last year.
SMR reported a profit after tax (PAT) of Rs 6 core and a total sales of Rs 4,159 crore for the financial year ended on March 2009.
"SMR showed positive Profit before tax (PBT) and PAT results in this one year span even after taking into consideration the restructuring cost," Sehgal said.
In 2005, MSSL had issued foreign currency convertible bonds (FCCB) worth 50.3 million euros due on July 2010.
MSSL said it has already converted FCCB worth 27.2 million euros into equity shares and later towards end of 2009, it further converted FCCB worth 15 million euros. At present, the total outstanding FCCB is around 3.5 million euros, the firm said.
The company has not given any guidance for the current year, but said that in its upcoming annual report, it would declare its five year goal.
