Auto ancillary company Motherson Sumi Systems has reported a 6.7 percent on year growth in consolidated profit to Rs 389.06 crore, driven by global business and operating growth.
Profit in corresponding period last year stood at Rs 364.5 crore.
The company posted highest every quarterly consolidated revenue at Rs 16,473 crore for the quarter ended December 2018, which grew by 14.5 percent year-on-year led by global growth.
"All of operating businesses have performed well under current market conditions. With the start of production at Tuscaloosa in this quarter, all the key greenfield projects are now completed," V C Sehgal, Chairman, MSSL said.
Revenue from outside India during the quarter increased by 15.6 percent to Rs 14,494 crore and India business grew by 0.11 percent to Rs 1,740 crore compared to year-ago.
Group company Samvardhana Motherson Automotive System Group BV (SMR PBV) reported a 8 percent YoY growth in revenue at 1.39 billion euro, but its EBITDA dropped 13.5 percent to 96 million euro YoY due to start-up cost of 17 million euro in year-ago period. Excluding start-up cost, EBITDA grew by 2 percent YoY.
Revenue from Samvardhana Motherson Peguform (SMP), which provides interior and exterior products for automotive, increased 11 percent to 993 million euro YoY, but its EBITDA declined 22 percent to 54 million euro due to start-up cost in Q3FY18. After adjusting to start-up cost, EBITDA increased 4 percent.
The start-up cost in December quarter 2018 was nil against $17 million in Q3FY18.
Rear vision systems maker Samvardhana Motherson Reflectec's (SMR) revenue from operations was higher by 2 percent YoY at 398 million euro in quarter ended December 2018, but its EBITDA declined 2 percent to 46 million euro YoY.
At operating level, consolidated EBITDA (earnings before interest, tax, depreciation and amortisation) increased 11.6 percent year-on-year to Rs 1,393 crore, but margin contracted to 8.46 percent against 8.68 percent in same period last year.
Company's finance cost fell 14.5 percent YoY to Rs 88.2 crore in Q3 and the same dropped 33 percent sequentially following decline in debt.
Motherson Sumi reduced its consolidated debt to Rs 9,705 crore at the end of December quarter, from Rs 11,302 crore at the end of September 2018.
At 12:30 hours IST, the stock was quoting at Rs 135.85, up Rs 0.80, or 0.59 percent on the BSE.
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