Motherson Sumi Wiring India posts rise in Q4 profit on steady demand

Motherson Sumi Wiring India

16/05/2024 11:15

BENGALURU, May 16 (Reuters) - Motherson Sumi Wiring
India  MSWI.NS  on Thursday reported a 38% rise in
fourth-quarter profit, aided by strong demand for automobiles.
    The company's profit rose to 1.91 billion rupees ($22.9
million) in the three months ended March 31 from 1.38 billion
rupees a year earlier.
    Motherson Sumi provides wiring harness solutions to
automotive companies, including Maruti Suzuki, Tata Motors and
Hyundai.
    Demand for cars, especially for sport utility vehicles
(SUVs), grew steadily during the quarter, benefiting companies
like Motherson Sumi.
    Passenger vehicles and electric vehicle models drove demand
for wiring harnesses, the company said.
        The Noida-based company, which is a joint venture
between India's Samvardhana Motherson International  SAMD.NS 
and Japan's Sumitomo Wiring Systems, said total revenue from
operations grew 19% to 22.33 billion rupees. 
    The company's earnings before interest, tax, depreciation
and amortization (EBITDA) margin expanded to 13% from 11.8% a
year earlier.
    Shares of the company rose 3.3% ahead of results, currently
trading up 0.7%. It rose 7% in the March quarter.
    


($1 = 83.4856 Indian rupees)

 (Reporting by Ashna Teresa Britto in Bengaluru; Editing by
Sohini Goswami)
 ((AshnaTeresa.Britto@thomsonreuters.com;))