Samvardhana Motherson International Limited, an auto components firm, experienced a 27% increase in revenues, reaching Rs 25,698 crore in the third quarter of FY24.
In the third quarter ending in December, the company’s net profit surged by 61% year-on-year to Rs 733 crore.
Despite merger and acquisition (M&A) payouts totaling around Rs 750 crore during the quarter, the company managed to reduce its net debt by approximately Rs 866 crore. The company emphasized that it maintains sufficient liquidity to meet business needs and fund announced acquisitions.
Around 50% of the Rs 1,800-crore growth capex has already been invested to support growth in emerging markets, the company disclosed.
Vivek Chaand Sehgal, Chairman of Motherson, commented, “These results highlight the strong performance of our business divisions. Reduction in Net Debt is crucial for us as we continue to bolster our financial position and pursue strategic growth opportunities.”