MSWIL Reports 31 Percent Jumps In Revenues; Crosses Rs 1800 Cr Mark In A Quarter
Motherson Sumi Wiring India Limited (MSWIL) today announced its financial results for the fiscal 2022-23 second quarter, which ended on 30th September 2022.
The company, in its results, announced an increase of 31 percent in quarterly revenues of Rs. 1,835 crores year on year basis. Further, its EBITDA (earnings before interest, taxes depreciation and amortisation) and PAT (Profit After Tax) are up by 2 percent each to Rs.190 crore and Rs. 116 crore, respectively, compared to the last quarter.
MSWIL said that its significant growth in business is on back of strong capabilities and long-standing customer relationships, expanding capacities to meet enhanced requirements of customers.
The company has said that its EBITDA has been impacted due to Initial one-time startup costs of new programs at Bengaluru and new facility at Chennai, and cost incurred to meet the increased volume, additional costs on expedited freight / extraordinary manpower costs that were further aggravated by supply chain constraints.
“Indian automotive industry is showing signs of revival and our customers are also ramping up production. This has resulted in one-time costs which should be mitigated in the coming quarters. The company is well positioned to leverage India growth story and mega trends, thanks to our consistent performance and long-standing customer relationships,” said Vivek Chaand Sehgal, Chairman, Motherson Sumi Wiring India.
