Auto components major Motherson Sumi Systems (MSSL) on Wednesday reported a nearly eight-fold jump in consolidated net profit at Rs 1,018.69 crore in the fourth quarter ended March 31st, riding on robust sales.
The company had posted a consolidated net profit of Rs 135.66 crore in the same quarter previous fiscal, Motherson Sumi Systems Ltd (MSSL) said in a regulatory filing.
Consolidated total revenue from operations during the period under review stood at Rs 16,971.91 crore as against Rs 14,434.48 crore in the year-ago quarter, it added.
The company said its consolidated revenues in the fourth quarter of the financial year 2020-21 were more than pre-COVID levels as industrial activity picked up globally and despite multiple headwinds such as chip shortage, higher commodity costs, it has sustained profitability.
For the financial year ended March 31, consolidated net profit was at Rs 1,569.37 crore as compared to Rs 1,294.44 crore in the previous year. However, consolidated total revenue from operations was lower at Rs 57,369.91 crore as against Rs 60,728.99 crore in 2019-20.
Commenting on the performance, MSSL Chairman Vivek Chaand Sehgal said, “The fourth quarter and financial year 2020-21 results are a reflection of the tremendous hard work that our teams have put in globally despite multiple challenges and sets the tone for us to achieve our stated Vision 2025 targets.”
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Under its Vision 2025 targets, MSSL is aiming at $36 billion revenues in 2024-25 with 40 percent return on capital employed at a consolidated level, while no country, customer, or component should contribute more than 10 percent to its revenues, among others.
The board of directors has recommended a dividend of Rs 1.50 per share at 150 percent on an equity share of Re 1 each for the year ended March 31, 2021. The payment is subject to the approval of the shareholders at the ensuing Annual General Meeting of the company, it said.