Samvardhana Motherson International slipped 2.61% to Rs 184.55 after one of the company's prominent client BMW announced a downward revision to its financial outlook for 2024.
On Tuesday, the German luxury carmaker BMW has cut its profit margin forecast for the year due to sluggish demand in China, its key market, and problems related to a braking system supplied by Continental.
BMW has cut its EBIT margin guidance for 2024 to between 6% to 7% from the 8% to 10% range earlier. EBIT margin for the motorcycle segment is also likely to be in the same range from the 8% to 10% range earlier.
According to Samvardhana Motherson Internationals 2024 annual report, BMW accounted for 5% of the total revenue of the company. The share of Chinese market in the companys total revenue was at 11% for the period under review.
Samvardhana Motherson International is the flagship company of the Samvardhana Motherson group.
The companys consolidated net profit of Rs 994.17 crore in Q1 FY25, jumped 65.45% as against Rs 600.87 crore posted in Q1 FY24. Total revenue from operations increased 28.51% YoY to Rs 28,867.96 crore during the June 2024 quarter.
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