Mumbai, India – 10th Nov 2022 – Samvardhana Motherson International Limited (SAMIL) [formerly Motherson Sumi Systems Ltd.] today announced its financial results for the fiscal 2022-23 second quarter, which ended on 30th September 2022.
Key Highlights for the Quarter
· Strong growth in revenues backed by increasing production volume and premiumisation
· Improvement in profitability due to efficiency programs and part realisation of inflationary cost pass throughs
· Supply chain situation improving, Opportunity to deleverage in upcoming quarters on back of normalisation of working capital
· Strong orderbook of Euro 18.2 billion as on 30th Sep 2022 (up from EUR 16.1 billion as on March 2022) with electric vehicle share of 37% (up from 27% as on March 2022) at SMRP BV level. Total booked business is of Euro 33.9 billion at SMRP BV level*.
· Undeterred focus on growth with two acquisitions announced during the quarter
· India continues to remain a key market with approx. 24% of SAMIL’s gross revenues and more than 50% of PAT (SAMIL Consolidated) coming from Indian operations
Commenting on the results, Mr. Vivek Chaand Sehgal, Chairman, Motherson said,
“We are seeing improvement in external environment though it remains volatile and uncertain. While constructive discussions with customers on sharing of inflationary cost structures are moving in positive direction, this continues to be a work in progress quarter. The strong growth in order book to Euro 18.2 billion at SMRP BV is a testimony of our strong relationship with our customers. Full credit to our business teams who have adopted a lot of efficiency programs, the outcome of which is partly visible in the current results. Board congratulated the teams for their relentless efforts in this tough environment.”
Financial Highlights ( Q2FY23)
· Quarterly revenues of Rs. 18,261 crores, up by 4% QoQ and by 30% YoY
· Quarterly EBITDA of Rs 1,494 crores, up by 30% QoQ and by 47% YoY
· Quarterly PAT of Rs 246 crores, up by 75% QoQ and by 196% YoY
Note –All comparisons are with the Q1FY23 and all numbers in the press statement are consolidated unless stated otherwise.
* For details on border book, please refer to the slide 3 of the presentation on Q2FY23 results, available on the website of the company.
Samvardhana Motherson International Limited (SAMIL) [Formerly Motherson Sumi Systems Ltd.]
Samvardhana Motherson International Limited (SAMIL) is one of the world’s leading specialised automotive component manufacturing companies for OEMs. The company, formerly known as Motherson Sumi Systems Limited was established in 1986 as a joint venture with Sumitomo Wiring Systems and was listed in 1993 on BSE and NSE in India. The company is a focused, dynamic, and progressive company providing customers with innovative and value-added products, services, and solutions. With a diverse global customer base of nearly all leading automobile manufacturers globally, the company supports its customers from more than 300 facilities across 41 countries in five continents. The company has diversified to support customers in non-automotive businesses including technology and industrial solutions, health & medical, aerospace and logistics. SAMIL is currently the largest auto ancillary in India and is ranked among the top 25 automotive suppliers worldwide. For more details, please visit www.motherson.com (CIN – L34300MH1986PLC284510).