Motherson Sumi Systems Limited announces Q1FY10 results
Consolidated total sales up by 133%; The Acquired entity SMVSL has been EBIDTA positive during First Quarter; Standalone Sales Stable; Standalone PAT grew by 143%
Tweet-- Q1FY10 Consolidated* Results (all comparisons with Q1FY09)
* The performance includes consolidated figures post acquisition of Visiocorp without restructuring
Particulars
Q1FY10
Q1FY09
% change
Total Sales
1,404.04
601.75
133%
'Sales within India
411.49
354.25
16%
'Sales outside India
992.55
247.50
301%
EBIDTA
89.09
64.58
38%
PBT (before exceptional expenses)
18.75
36.82
-49%
Exceptional expenses
17.14
PAT ( concern share)
11.05
31.65
-65%
EPS
0.31
0.89
-65%
Figures Rs. in Crores
Q1FY10 Standalone Results (all comparisons with Q1FY09)
Particulars
Q1FY10
Q1FY09
% change
Total Sales
347.22
346.38
0%
'Sales within India
295.06
266.99
11%
'Sales outside India
52.16
79.39
-34%
Exchange loss on FCCB
1.20
24.99
-95%
EBIDTA
63.04
34.56
82%
PBT
42.12
15.67
169%
PAT
30.97
12.72
143%
EPS
0.87
0.36
142%
Commenting on the results, Mr. Vivek Chaand Sehgal, Chairman, Samvardhana Motherson Group said,
· Sales to Domestic customers both in Standalone & Consolidated basis have registered positive growth on Year on Year basis.
· The markets outside India have started showing the signs of improvement however Quarter on Quarter sales to outside customers on like to like basis is lower.
· In the Q1 results of 2009-2010 we have consolidated the figures of Samvardhana Motherson Visiocorp Solutions Ltd (SMVSL) hence, the numbers are not comparable.
· SMVSL has achieved EBIDTA positive during the first quarter itself since acquisition by MSSL.
· This positive result was achieved in spite of the fact that both GM and Chrysler in the US have gone through restructuring during this quarter, which has impacted our sale in the US market.
· As planned the group is carrying the restructuring at SMVSL for which an amount of Rs. 1714 lacs has been charged to P/L account during the quarter.
· On standalone basis and particularly in the domestic market there has been considerable improvement in revenue and operating margin of the company. The sale in the overseas market is also slowly improving.”
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). MSSL is one of the largest manufacturers of Automotive Rearview Mirrors for passenger cars in the world together with being the largest manufacturer of automotive wiring harnesses in India. It also supplies plastic components and modules to the automotive industry. Other product range of MSSL comprises of rubber components for automotive and industrial applications, high precision machined metal parts, injection molding tools and HVAC Systems. The integration of diverse products and technologies leading to comprehensive solutions is a unique advantage, which makes the company a ‘globally preferred solutions provider’. MSSL has presence in 20 countries and has manufacturing bases in five continents across the globe- Asia, Europe, North America, South America & Australia to support its customers.
In the FY09, the company recorded consolidated net sales of Rs 2,595.6 crore and net profit of Rs 176.2 crore.
