Noida- Motherson Sumi Wiring India Limited (MSWIL)., reported revenues of INR 1,859 crore for the first quarter of fiscal year 2024 (Q1FY24), up 11% year-over-year (YoY). EBITDA was INR 207 crore, with an EBITDA margin of 11.1%. PAT was INR 123 crore, down 2% YoY.
Revenue grew due to more components per vehicle and a better mix of products. There was also significant growth in the electric vehicle market, with year-over-year growth of 3 times in the first quarter of fiscal year 2024. The company started supplying two leading players in the electric vehicle commercial segment. However, the quarter also had some block closures at some of the company's major customers.
Commenting on the results, Mr. Vivek Chaand Sehgal, Chairman, Motherson Sumi Wiring India Ltd. said, “The company continues to deliver good and consistent performance. The additional capacities which were created over the past few quarters have started to contribute towards revenue growth. Operational improvements continue to support the performance despite inflationary headwinds and supply chain issues at the customer’s end. With cost reduction initiatives in place coupled with the continued support of the customers, we believe that we will continue to deliver value to our stakeholders in the upcoming quarters as well."
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