Motherson Sumi Systems Limited announces FY09 results
Total Sales up by 28% at Rs 2596 Crore Consolidated PAT for FY09 at Rs 176 Crore
Tweet-- Motherson Sumi Systems Limited (MSSL) the flagship company of Samvardhana Motherson Group today reported total consolidated sales of Rs 2596 Crore for FY09, an increase of 28% as compared to Rs 2028 Crore in FY08. The consolidated net profit was at Rs 176 Crore. The EPS for the year was Rs 4.96.
The Board of Directors has recommended a dividend of 135%.
The performance of the company in the last quarter of FY09 was also commendable given the downturn in the automobile sector where MSSL reported consolidated total sales of Rs 827 Crore with an increase of 40% as compared to Rs 587 Crore in Q4 FY08. Consolidated net profit was Rs 77 Crore in the quarter ended March 31, 2009.
Commenting on the results, Mr. Vivek Chaand Sehgal, Chairman, Samvardhana Motherson Group said:
The company’s performance has been commendable in this turbulent market. We would like to thank our customers, shareholders, employees & suppliers who have reposed their trust & stood hand in hand to face the challenging times.
The company has consistently outperformed the market by increased penetration of the market & expanding the content per car.
The company has taken a quantum leap by acquiring mirror business from Visiocorp. Now the company has become global leader in providing rear vision systems to our customers globally through it’s subsidiary Visiocorp, renamed as Samvardhana Motherson Reflectec (SMR)
We are executing our plans for transformation & restructuring of the company. During this phase there will be one time restructuring costs. The results of our actions will be visible in the coming times.
The acquisition of rear view mirror business from Visiocorp has been the most positive thing which has happened to MSSL. This acquisition enables the company to serve its’ customers globally & consistently create value for all.
It is pertinent to note that during the period under consideration the demand for automobiles globally was sluggish. However, MSSL reported good performance for FY09 on account of effective cost control measures adopted across the company subsidiaries. The demand for automobiles has started showing a positive trend.
During FY 09, Motherson Sumi Systems Limited (MSSL) in a joint venture with Samvardhana Motherson Finance Limited (SMFL) has completed the acquisition of rear view business of Visiocorp, one of the world’s largest manufacturers of automotive exterior mirrors, with a turnover of approximately Euro 660 million in 2008. The newly formed parent entity for Visiocorp is to be known as Samvardhana Motherson Reflectec (SMR). The acquisition has uniquely positioned the group as one of the world’s largest manufacturers of automotive exterior mirrors. The results for the year 2008-09 include one month performance of the acquired business.
Editors Synopsis
Annual Results FY09 (all comparisons with FY08)
Total consolidated sales at Rs 2596 Crore, (Rs. 2028 Crore for FY 08)
Consolidated PAT at Rs 176 Crore, (Rs. 178 Crore for FY 08)
Exports at Rs 1152 Crore, (Rs. 746 Crore for FY 08)
EPS of Rs 4.96, (Rs. 5.03 for FY 08)
Q4 FY09 Results (all comparisons with Q4 FY08)
Sales at Rs 827 Crore, (Rs. 587 Crore for FY 08)
PAT at Rs 77 Crore, (Rs. 64 Crore for FY 08)
Exports at Rs 454 Crore, (Rs. 209 Crore for FY 08)
EPS at Rs 2.17, (Rs. 1.82 for FY 08)
Notes to Editor
About Motherson Sumi Systems Limited
Motherson Sumi Systems Limited (MSSL) the flagship company of the Samvardhana Motherson Group, is a joint venture between Samvardhana Motherson Group and Sumitomo Wiring Systems (Japan). Samvardhana Motherson Group (www.motherson.com) is an Indian group with one of the most diversified automotive product range globally, while Sumitomo Wiring Systems (SWS) (www.sws.co.jp) is a global supplier and manufacturer of wire harness, components and wires & is one of the largest manufacturers worldwide.
MSSL is a focused, dynamic and progressive company providing customers with innovative and value-added products, services and solutions. The Company is listed at the stock exchange since 1993 and is India’s largest manufacturer of automotive wiring harnesses and mirrors for passenger cars and is also a leading supplier of plastic components and modules to the automotive industry. The recent acquisition of mirror business from Visiocorp (now renamed as Samvardhana Motherson Reflectec) has helped it evolve as one of the world’s leading automotive mirror manufacturer.
The present product range of MSSL comprises of - wiring harnesses, rear view mirrors, moulded plastic parts including car interior and exterior parts, bumpers, dashboards and door trims, complete modules, rubber components for automotive and industrial applications, high precision machined metal parts, injection molding tools and air conditioners. It has been MSSL’s endeavour to constantly add new products in its product line with the objective of emerging as a single-service interface for multiple customer needs. MSSL’s diversity of product range coupled with sheer depth within each product portfolio, has helped the company garner leadership in its area of operations.
Over the years MSSL has collaborated with global technology leaders and has further leveraged its competency in existing areas to create products fulfilling the technical needs of its customers. MSSL and its joint ventures have invested in state-of-the-art technologies and infrastructure to ensure superior efficiencies & total customer satisfaction.
MSSL is strengthening its position as a globally preferred solution provider by offering end-to-end solutions encompassing designing from basic data to prototyping, tooling, moulding, assembly and integrated modules. The ability to provide this end-to-end solution in each product category and combine these solutions in the form of full system solutions has enabled the Company to evolve as a preferred supplier. These solutions are supported by the flexibility to supply from any of the alternative manufacturing bases and logistic models best suited to customer requirements.
MSSL has developed a network of manufacturing bases, design centres, logistics centres, marketing support and sourcing hubs across a diversified geographical base. MSSL has presence in 20 countries which includes India (Noida , Gurgaon Faridabad , Pune, Bangalore, Chennai, Kandla, & Pondicherry), UAE., Sri Lanka, Singapore, China, Korea, Japan, Germany, UK., Czech Republic, Austria, Hungary, Italy, Spain, France, Ireland, U.S.A, Mexico, Australia & Mauritius to provide timely and quality delivery to more than 500 customers worldwide. MSSL has manufacturing bases across five continents across the globe- Asia, Europe, North America, South America & Australia to support its customers. MSSL’s diverse global customer base comprises of almost all leading automobile manufacturers globally.