Noida-based Samvardhana Motherson International, a prominent Tier-1 player with a diverse automotive component portfolio covering items like wiring harnesses, rear-view mirrors, and interior trim components, has announced Q2 FY24 revenues of Rs 23,474 crore, marking a substantial 28 percent year-on-year growth. The company’s EBITDA recorded a 34 percent increase, reaching Rs 2,001 crore, while the profit-after-tax (PAT) surged by 39 percent, reaching Rs 451 crore in the last quarter.
The automotive business order book of the company expanded to over US$ 77 billion (Rs 64,130 crore) by the end of September 2023, compared to US$ 69.1 billion (Rs 57,550 crore) at the end of March 2023. Samvardhana Motherson International notes that more than 22 percent of this order book pertains to components for electric vehicles. However, the company acknowledged lower production due to annual plant shutdowns in Europe during summer holidays, compounded by local disruptions in Europe and America.
Vivek Chaand Sehgal, Chairman of Motherson, commented on the performance, stating, “This performance is a testament to our team’s dedication and hard work, backed by customer support in navigating uncertain business environments. We are cautious yet confident in our ability to adapt and navigate through these challenges.” He highlighted the ongoing integration of acquired entities, expressing confidence in unlocking their full value in the future. The substantial booked business of over US$ 77 billion reflects the strong relationship and mutual trust shared with customers.
During Q2 FY24, Samvardhana Motherson International initiated the establishment of 10 new facilities in India to support customer growth in both automotive and non-automotive sectors. The company also concluded four acquisitions – SAS, Saddles, Rollon, and Ichikoh.
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