Motherson Sumi Wiring India (MSWIL) has reported a robust performance for the first quarter of FY2025. While total revenue in the April-June 2024 period was up 17% year on year to Rs 2,185 crores, profit after tax rose 21% YoY to Rs 149 crore.
Motherson Sumi Wiring India, a joint venture between Samvardhana Motherson International and Sumitomo Wiring Systems, is a leading and fast-growing full-system solutions provider to OEMs in the wiring harness segment in India. The company caters to automotive industry needs at every stage of the supply chain – from initial product design and validation to tool design and manufacturing, finishing, processing, assembly, and finally, production of integrated cutting-edge electrical and electronic distribution systems for the power supply or data transfer across vehicles. The company is a leading supplier to India’s top-selling passenger vehicles (EV and ICE) as well as electric two-wheelers
Commenting on the Q1 numbers, Vivek Chaand Sehgal, Chairman, Motherson Sumi Wiring India, said: “The company has demonstrated a good performance. Our unwavering commitment to maintaining customers’ trust has been the driving force behind our success. It is through our relentless dedication to pushing the boundaries and delivering exceptional value to our stakeholders that we have been able to consistently deliver such performance. The company remains committed to understanding and staying aligned with industry trends and proactively adapting to the dynamic environment.”
According to the company, the Q1 performance has come on the back of increased volumes and content due to global automotive megatrends. Performance remained resilient despite the transitory impact of higher raw material prices and start-up costs mitigated with operational efficiencies. Of the two green fields facilities, one plant commenced operations in July 2024 and is in the ramp-up phase. The second plant is expected to come on stream by Q1 FY2026. MSWIL’s EV revenue grew by 50% year over year.
ALSO READ: EV sales in India jump 53% in July to 179,000 units
Electric two-wheeler sales in July cross 100,000 units after four months
Electric 3Ws clock best-ever monthly sales in July: over 63,000 units
Electric car & SUV OEMs sell 7,500 units in July, 56,000 EVs in first 7 months of 2024
India Auto Inc retails register strong double-digit gains in July 2024