New Delhi: Samvardhana Motherson International Limited (SAMIL),formerly Motherson Sumi Systems Ltd., Monday reported revenue of INR 25,698 crore, with a YoY growth of 27%, on the back of robust performance by all business divisions, for the third quarter of the fiscal year 2023-24, which ended on December 31, 2023. EBITDA was up 42% at INR 2,385 crore. Normalised PAT increased by 61% to INR 733 crore in Q3 FY24 vs. Q3 FY23, the company said.
Vivek Chaand Sehgal, Chairman, Motherson said, “These results reflect the good performance of our business divisions. Our team’s unwavering commitment to our core values of customer satisfaction and operational excellence has helped us deliver good results consistently. Reduction in Net Debt is important for us as we continue strengthening our financial position and pursuing strategic growth opportunities. We remain focused on delivering sustainable and profitable growth, creating long-term value for our shareholders, and positively impacting our customers, employees, and communities where we operate.”
The company said it has reduced debt by INR 866 crore despite M&A payouts (net of cash/debt) of INR 750 crore during Q3 FY24 and it has invested about 50% of the INR 1,800 crore capex to support growth in emerging markets.
Measures taken to normalise the working capital situation have started to yield positive results, it said in a media release.
