New Delhi: Auto component major Samvardhana Motherson International on Thursday reported over three-fold growth in its consolidated net profit to INR 288 crore in the second quarter ended September 30, 2022. The company had reported a net profit of INR 93 crore for the July-September period last year.
Total revenue from operations was up at INR 18,261 crore in the second quarter of the current fiscal compared to INR 14,076 crore in the year-ago period.
Vivek Chaand Sehgal, Chairman, Motherson, said, “We are seeing improvement in the external environment though it remains volatile and uncertain. While constructive discussions with customers on sharing of inflationary cost structures are moving in a positive direction, this continues to be a work in progress quarter.”
“The strong growth in order book to EUR 18.2 billion at SMRP BV is a testimony of our strong relationship with our customers. Full credit to our business teams who have adopted a lot of efficiency programs, the outcome of which is partly visible in the current results. Board congratulated the teams for their relentless efforts in this tough environment,” he said.
The auto component maker said that India continues to remain a key market with about 24% of SAMIL’s gross revenues and more than 50% of PAT (SAMIL Consolidated) coming from Indian operations.
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The company’s PAT grew by 16% to INR 141 crores.