Motherson Sumi Systems Q2 net up 466% to Rs 137.6 cr

Auto components manufacturer Motherson Sumi Systems' consolidated net profit increased 466 percent year-on-year to Rs 137.6 crore in the second quarter of current financial year, helped by foreign exchange gain of Rs 67 crore.

The company had reported a foreign exchange loss of Rs 73 crore in a year ago period.

Consolidated net sales grew by 153.3 percent to Rs 5,800.6 crore from Rs 2,290.1 crore during the same period.

The company says domestic volumes and sales to customers outside India grew by healthy 18 percent and 235 percent (28 percent excluding SMP acquired in November 2011), respectively.

Samvardhana Motherson Reflectec (SMR) posted healthy growth of 17 percent in Euro terms and 25 percent in rupee terms, the company says.

"Standalone business posted healthy growth of 44 percent on exports from India and domestic sales grew by 19 percent in spite of difficult domestic market situation,"

At 12:34 hours IST, the stock rallied 3 percent to Rs 158.30 amid large volumes on the Bombay Stock Exchange.