Profit companies

Samvardhana Motherson Q4 earnings at Rs 130 crore | New Companies

New Delhi: Leading auto component Samvardhana Motherson International on Thursday reported consolidated net profit of Rs 130 crore for the fourth quarter ended March.

The company had reported a net profit of Rs 849 crore in the March quarter of the 2020-21 financial year.

Its revenue stood at Rs 17,185 crore in the quarter under review. It stood at Rs 16,972 crore a year ago.

For the financial year ended March 31, 2022, the company reported consolidated net profit of Rs 817 crore. It stood at Rs 1,243 crore in the financial year 2020-21.

Its revenue stood at Rs 63,536 crore in the last financial year. It was at Rs 57,370 crore in FY21.

The group’s operations were partially impacted in the periods presented by the outbreak of the COVID-19 pandemic and the resulting lockdown announced by governments in many jurisdictions, the company said.

As a result, figures presented for different periods in the consolidated financial results are not strictly comparable, he added.

Motherson Chairman Vivek Chaand Sehgal said, “Quarterly results are impacted due to global uncertainties such as continued shortages of semiconductors, geopolitical disputes in Europe and COVID-related lockdowns in China. This was further compounded by dramatically elevated inflationary pressures.

In these difficult times, the company continues to focus on improving its operational efficiency, controlling costs and remains focused on its diversification strategy, he added.

“Motherson’s teams are working very hard in collaboration with our customers to address these challenges,” noted Sehgal.

The company said its board had recommended a dividend of 85 paise per share of Re 1 each for the financial year ending March 31, 2022.

As part of the group’s reorganization activity, the name of Motherson Sumi Systems Limited (MSSL) has been changed to Samvardhana Motherson International Ltd (SAMIL), the company said.