Mumbai, India (09th Nov 2023) – Samvardhana Motherson International Limited (SAMIL) [formerly Motherson Sumi Systems Ltd.] today announced its financial results for the second quarter of the fiscal year 2023-24, which ended on 30th September 2023.
Commenting on the results, Mr. Vivek Chaand Sehgal, Chairman, Motherson said,
“This performance is a testament to our team’s dedication and hard work on the back of customer support in navigating uncertain business environments. We are cautious yet confident in our ability to adapt and navigate through these challenges. The integration of acquired entities is at its initial phase and moving in the right direction towards unlocking its full value in the coming times. The booked business of over USD 77bn reflects the strong relationship and mutual trust we share with our customers.”
Key Highlights
· Automotive booked business grew to USD 77+ billion (from USD 69.1 billion on March 23), with a share of 22% coming from Electric vehicles.
· Investing and setting up ten new facilities in India to support customers’ growth in auto and non-auto business
· Lower production on account of annual plant shutdowns at OEMs due to summer holiday in Europe, impact compounded by local disruptions in Europe and America
· Closed four acquisitions (SAS, Saddles, Rollon and Ichikoh) during the Q2FY24
· Leverage is under control – The net Debt to EBITDA ratio is at 1.9x, well below the stated financial policy of 2.5x. This is despite paying approximately INR 3,800 crores for the foreclosed acquisitions.
