Motherson Sumi Wiring India Limited (MSWIL) reports 31% jumps in revenues; crosses Rs 1800 crore mark in a quarter, PAT is up by 2%

By
Passionate in Marketing
-
0
1911
Motherson strengthens interior polymer business, with focus on innovation and technology; acquires Dr. Schneider of Germany 

Bangalore– 31st October 2022 – Motherson Sumi Wiring India Limited (MSWIL) today announced its financial results for the fiscal 2022-23 second quarter, which ended on 30th September 2022.

Business Commentary

  • Significant growth in business on back of strong capabilities and long-standing customer relationships, expanding capacities to meet enhanced requirements of customers.
  • EBITDA in Q2FY23 impacted due to costs such as
    1. Initial one-time startup costs of new programs at Bengaluru and new facility at Chennai.
    2. To meet the increased volume, additional costs on expedited freight / extra ordinary manpower costs have been incurred, further aggravated by supply chain constraints.
  • Ongoing discussions with customers for one time compensation as well as alignment to new cost structure to mitigate current and future impact.

Commenting on the results, Mr. Vivek Chaand Sehgal, Chairman, Motherson Sumi Wiring India Ltd. said,

“Indian automotive industry is showing signs of revival and our customers are also ramping up production. This has resulted in one-time costs which should be mitigated in the coming quarters. The company is well positioned to leverage India growth story and mega trends, thanks to our consistent performance and long-standing customer relationships.”

More news

Motherson Sumi Wiring India Limited (MSWIL)

It is a leading and fast-growing full-system solutions provider to OEMs, in the wiring harness segment in India. Motherson Sumi Wiring India is a joint venture between Samvardhana Motherson International Limited (SAMIL) Formerly Motherson Sumi Systems Limited] and Sumitomo Wiring Systems, Ltd. (SWS).

The company is prepared to meet the customer needs at every stage of the supply chain, from initial product design and validation to tool design and manufacturing, finishing, and processing, assembly, and finally production of integrated cutting-edge Electrical & Electronic Distribution Systems for the power supply or data transfer across vehicles. The company has a product profile that benefits from favorable industry trends of premiumization, which leads to an increase in automobile electrification, and supports current and future automotive trends.