Motherson Sumi Wiring India Limited (MSWIL) recently released its financial results for the first quarter of the fiscal year 2023-24, which concluded on 30th June 2023. Vivek Chaand Sehgal, Chairman of Motherson Sumi Wiring India Ltd., expressed his satisfaction with the company’s performance, highlighting the positive impact of additional capacities created in previous quarters on revenue growth. Despite inflationary challenges and supply chain issues faced by customers, operational improvements have supported the company’s consistent performance. With ongoing cost reduction initiatives and continued support from customers, he emphasized the company’s commitment to delivering value to stakeholders in the upcoming quarters.
The financial highlights for Q1FY24 include revenue growth facilitated by an increase in content per vehicle and a favorable product mix. Particularly noteworthy is the significant traction in the electric vehicle (EV) segment, both in passenger vehicles (PV) and commercial vehicles (CV), with a year-on-year growth of 3 times compared to the corresponding quarter of the previous year. The company has also initiated supplies to two leading players in the EV commercial segment. However, the quarter also witnessed block closures at some major customers.
In specific numbers, the Q1FY24 revenues amounted to INR 1,859 crores, with an EBITDA of INR 207 crores and an EBITDA margin of 11.1%. The Profit After Tax (PAT) stood at INR 123 crores.