New Delhi: Auto component maker Motherson Sumi Systems Ltd (MSSL) on Friday reported 20.20% increase in its consolidated net profit at Rs705.86 crore for the fourth quarter ended March 31.
The company had posted a net profit of Rs587.19 crore during the same period of the previous fiscal, Motherson Sumi Systems said in a BSE filing. Net sales during the period under review stood at Rs11,319.01 crore as against Rs9,841.60 crore in the year-ago period, up 15%.
“This is the second year of our 5-year plan for 2020 and we are closing it on an all-time high for MSSL. We see very exciting times ahead,” MSSL Chairman Vivek Chaand Sehgal said. For the entire fiscal, the company reported a consolidated net profit at Rs2,172.39 crore compared to Rs1,773.66 crore in the 2015-16 fiscal, a growth of 22.48%.
Net sales for the year stood at Rs42,765.66 crore as against Rs37,226.63 crore in the previous fiscal. “Our wiring harness division has been strengthened by recent acquisition of PKC Group. This brings great new opportunities for supporting the OEM’s around the world,” Sehgal said.
The company’s board has recommended a dividend of Rs2 per equity share for the financial year 2016-17. Shares of the company were trading 1.24% higher at Rs413 apiece on BSE.