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Samvardhana Motherson's Q3 FY24 Revenue Jumps 27% to Rs 25,698 Crore

Business |Financials

Samvardhana Motherson International Limited reported robust third-quarter results, with a 27% revenue jump and a 61% increase in net profit, despite merger expenses

903 views | Date: February 13, 2024

Samvardhana Motherson's Q3 FY24 Revenue Jumps 27% to Rs 25,698 Crore

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Noida, India- Samvardhana Motherson International Ltd, an automotive part manufacturer, witnessed a substantial 27% surge in revenues, reaching Rs 25,698 crore in the third quarter of FY24.

For the quarter ending December, the company disclosed a net profit of Rs 733 crore, marking a remarkable 61% increase compared to the previous year.

Despite merger and acquisition (M&A) payouts amounting to approximately Rs 750 crore during the quarter, the company managed to reduce its net debt by around Rs 866 crore. It affirmed having ample liquidity to meet business demands and finance announced acquisitions.

The company has already invested about 50% of its Rs 1,800-crore growth capex to bolster its presence in emerging markets, reflecting its commitment to expansion.

Vivek Chaand Sehgal, Chairman of Motherson, said satisfaction with the results, attributing them to the strong performance of the company's business divisions. He emphasized the significance of reducing net debt to reinforce the company's financial standing and pursue strategic growth prospects.