Motherson Sumi Systems jumped 8.12% to Rs 193.75 after the company's consolidated net profit surged 194% to Rs 798 crore on 15% rise in revenue from operations to Rs 17,923 crore in Q3 FY21 over Q3 FY20.
The company said it posted a highest ever quarterly revenue operations normalised, with most facilities running at pre-covid levels. Indications of positive consumer sentiments reflected by increased demand globally. Sustained improvements in performance of Greenfield plants with a continued focus on cost reduction and efficiency improvements.Consolidated profit before tax (PBT) (before exceptional items) jumped 166% to Rs 1,175 crore in Q3 FY21 from Rs 441 crore in Q3 FY20. The company received a tax rebate of Rs 109.22 crore in Q3 FY21 as compared to tax expense of Rs 96.76 crore in Q3 FY20.
Consolidated EBITDA jumped 56% year on year to Rs 2,041 crore in Q3 FY21 from Rs 1,309 crore in Q3 FY20. EBITDA margin improved to 11.4% in Q3 FY21 as against 8.4% in Q3 FY20.
The auto component maker reduced its consolidated net debt to Rs 6,206 crore as of 31 December 2020 from Rs 6,917 crore in 31 March 2020.
Commenting on the results, Vivek Chaand Sehgal, chairman of Motherson Sumi Systems said, Our global teams have put in tremendous efforts in challenging conditions to ensure uninterrupted supplies to our customers. These quarterly numbers are reflection of their hard work as well the trust of our customers on Motherson. With the rollout of COVID vaccine in different parts of the world, we are optimistic that the demand and positive sentiments will improve in the upcoming quarters.
Also Read
Shares of Motherson Sumi hit a 52-week high of Rs 194.55 in intraday today. The counter is up about 304% from its 52-week low of Rs 48 hit on 24 March 2020.
Motherson Sumi Systems is one of the world's leading specialised automotive component manufacturing companies for original equipment manufacturers.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
