SAMIL posts revenue of Rs. 23,474 crores with 28% growth on YoY with healthy booked business of USD 77+ billion; Profit stands at Rs. 451 crores excluding one-time provisions for footprint rationalisation in the uncertain business environment.

November 9, 2023

, By Editorial Team

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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 30^th 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.

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

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SAMIL posts revenue of Rs. 23,474 crores with 28% growth on YoY with healthy booked business of USD 77+ billion; Profit stands at Rs. 451 crores excluding one-time provisions for footprint rationalisation in the uncertain business environment.

November 9, 2023

, By Editorial Team

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 30^th 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.

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

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Previous News

Quickwork, a no-code automation and API integration platform, raises $2.5M led by DMI Alternative Investment Fund

Next News

Easy Trip Planners sees a 67% surge in Q2 net profit, reaching Rs 47 Cr

StartupNews.fyi is a leading global startup and technology media platform known for its end-to-end coverage of the startup ecosystem across India and key international markets. Launched with the vision of becoming a single gateway for founders, investors, and ecosystem enablers, StartupNews.fyi has grown steadily over the years by publishing tens of thousands of verified news stories, insights, and ecosystem updates, reaching millions of startup enthusiasts every month through its digital platforms and communities.

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