Auto components maker Motherson Sumi Wiring India Ltd on Thursday reported a 72.72 per cent decline in net profit at Rs 46.42 crore in the fourth quarter ended March 2022, impacted by higher expenses and an exceptional item outgo.
The company had posted a net profit of Rs 170.16 crore in the same period previous fiscal, Motherson Sumi Wiring India Ltd (MSWIL) said in a regulatory filing.
MSWIL was demerged from Samvardhana Motherson International Ltd (SAMIL), formerly Motherson Sumi Systems Ltd (MSSL), as part of group reorganization and was listed on stock exchanges on March 28, 2022.
Total revenue from operations during the quarter under review stood at Rs 1,661.52 crore as compared to Rs 1,510.38 crore in the year-ago period.
The company further said its total expenses were higher at Rs 1,529.13 crore as against Rs 1,297 crore in the preceding year, it added.
During the current quarter, the company said has accrued for Rs 65.41 crore for its share of expenses incurred by SAMIL in connection with the reorganisation.
For the fiscal ended March 31, 2022, net profit was at Rs 410.67 crore. It stood at Rs 396.23 crore in the previous fiscal.
Total revenue for FY22 was at Rs 5,634.98 crore over Rs 3,937.72 crore in FY21, the company said.
“We have kept our promise of bifurcating MSSL into two separate listed companies, one being domestic wiring harness business in India, to meet the demand and expectations of our shareholders and other stakeholders,” MSWIL Chairman Vivek Chaand Sehgal said.
The exercise was completed in a period of 18 months, he said adding, “this has entailed significant management time and costs which are fully accounted for in the results”.
MSWIL has and will continue to invest in people, technology, and facilities ahead of time to remain aligned with future needs and continue its efforts to remain the preferred partner of its customers, Sehgal said. PTI RKL SHW SHW
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