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India's Motherson Sumi posts quarterly profit rise on strong auto-part demand

By Reuters News

Oct 30 (Reuters) - India's Motherson Sumi Wiring MSWI.NS reported a 35% rise in quarterly profit on Friday, helped by strong demand for parts from automakers.


Here are some details:

  • The company's net profit rose to 2.23 billion rupees ($23.47 million) for the three months ended September, from 1.65 billion rupees a year ago

  • Automakers in India have been ramping up production capacity, supporting robust orders for suppliers such as Motherson Sumi, which makes harness wiring and exterior rear-view mirrors

  • The company, which sells parts to carmakers including Maruti Suzuki MRTI.NS and Tata Motors TATM.NS, said it was helped by an increasing number of parts per vehicle, along with launches

  • The firm's total revenue from operations grew 46.7% to 40.54 billion rupees from 27.62 billion rupees last year.

  • Raw material costs, which include copper, rose 55.4% to 29.05 billion rupees during the quarter


($1 = 95.0250 Indian rupees)

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