New Delhi: Auto component major Motherson Sumi on Friday reported 198% rise in its consolidated profit after tax (PAT) to INR 798 crore for the quarter ended December 31, 2020 (Q3 FY21) on account of the increase in vehicle demand globally.
The company had posted a consolidated PAT of INR 271 crore in the same period a year ago, Motherson Sumi said in a regulatory filing.
The company posted the highest quarterly revenue at INR 17,923 crore in the October-December period compared to INR 15,551 crore in the corresponding quarter in the previous year.
EBITDA for the quarter was up 56% at INR 2,041 crore compared to INR 1,309 crore in the corresponding quarter in the previous year.
According to the company, operations have normalised, with most of its facilities running at pre-COVID levels. During the period under review Motherson Sumi saw sustained improvements in performance of its greenfield plants with continued focus on cost reduction and efficiency improvement.
Vivek Chaand Sehgal, chairman, Motherson Sumi Systems Ltd, said, “Our global teams have put in tremendous efforts in challenging conditions to ensure uninterrupted supplies to our customers. These quarterly numbers are a reflection of their hard work as well the trust of our customers in Motherson. With the rollout of the COVID vaccine in different parts of the world, we are optimistic that the demand and positive sentiments will improve in the upcoming quarters”
On the outlook, the company said that OEMs will continue to work with suppliers amid the given challenges in the supply of certain critical components.
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