Motherson Sumi Wiring India’s net profit rises by 2pc to Rs 116.45 crore in Q2. | Biden News


Auto components maker Motherson Sumi Wiring India Ltd on Monday reported a 2 percent rise in net profit at Rs 116.45 crore in the second quarter ended September 30, 2022.

The company posted a net profit of Rs 114 crore in the same period last fiscal, Motherson Sumi Wiring India Ltd (MSWIL) said in a regulatory filing.

Total income from operations was Rs 1,835.21 crore against Rs 1,399.95 crore in the year-ago period, it added.

Total expenses were higher at Rs 1,689.77 crore compared to Rs 1,229.76 crore in the same quarter a year ago.

”The Indian automobile industry is showing signs of revival and our customers are also ramping up production. This has resulted in one-time costs which should be mitigated in the coming quarters,” MSWIL president Vivek Chaand Sehgal said.

In the second quarter, the company said it incurred costs due to initial one-time start-up costs of new programs at Bengaluru and a new facility at Chennai.

In addition, to meet increased volume, additional charges on expedited freight and extra ordinary labor costs were raised, which were further aggravated by supply chain constraints.

The company said it is in ”ongoing discussions with customers for one-off compensation as well as adherence to a new cost structure to mitigate current and future impact”.

(This story has not been edited by Devdiscourse staff and is automatically generated from a syndicated feed.)


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