Mumbai, Feb 10 (SocialNews.XYZ) Auto component manufacturer Motherson Sumi Systems Ltd on Monday reported a 38.67 per cent decline in its consolidated net profit on a year-on-year (YoY) basis for the quarter ended December.
Its consolidated net profit for the October-December quarter of 2019-20 stood at Rs 340.32 crore, against Rs 554.99 crore reported during the corresponding period of the last fiscal, the company said in a regulatory filing.
Motherson Sumi's total income during the period under review was Rs 15,739.38 crore, which was 4.8 per cent lower than Rs 16,533.99 crore earned during the third quarter of financial year 2018-19.
Commenting on the performance, Motherson Sumi Chairman Vivek Chaand Sehgal said: "We have intensified our focus on the areas we control. We continue to strengthen our operations at the unit level around the world and bring our greenfield plants to optimum levels."
"Thanks to the great spirit and efforts of our teams, we are able to support the OEMs (original equipment manufacturer) in navigating through challenging conditions in certain markets and also in managing our cash flows wisely," he added.
The company's investor presentation said that all business divisions have performed well given the challenging market conditions globally.
Shares of the company slumped following the result declaration. At 3.12 p.m. on Monday, these were trading on the BSE at Rs 123.65 a share, lower Rs 8.65, or 6.54 per cent, than its previous close.
Source: IANS
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