Motherson Sumi Systems Ltd (MSSL), a leading manufacturer of automotive wiring harnesses and mirrors for passenger cars in India have announced its audited financial results for the fourth quarter of FY13-14. During this year, the company achieved consolidated revenues of USS $5 billion, one year ahead of target for Vision 2015. Also, the sales of the company have moved up by 20 per cent, Profit Before Tax (PBT) by 84 per cent and Profit After Tax (PAT) by 72 per cent in the entire FY 2013-14. In the Q4, the sales took an upward trend by 26 per cent, PBT by 51 per cent and PAT by 55 per cent. These results have stood to be the highest ever earnings for the quarter and the year 2013-14. Even the SMR has reported the highest ever operating profit. The capital expenditure of Rs 1,352 crore was incurred during FY13-14, which led to the net reduction in debt by Rs 376 crore. On account of bonus issues, the company declared a dividend of Rs 2.50 per share on enhanced capital.
According to VC Sehgal, Chairman, Motherson Sumi Systems, “We are working very hard to meet the other parameters which we have set for ourselves in our Vision 2015. Our Return On Capital Employed (ROCE) has been improved from 18 per cent in 2012-13 to 26 per cent in FY 13-14. We would like to thank esteemed customers for their continuous trust on our abilities.”
“Despite being the toughest year for the automobile industry, we were able to outperform the market. In the future, we aim for a positive outlook and we will keep on delivering the promises made to our stakeholder,” he added.
In the current financial year, MSSL has bagged new orders worth Euro 2.44 billion for SMP and around Euro 1.56 billion orders for SMR.