Motherson Sumi Systems announced the following unaudited results for the quarter ending December 2012. The third quarter ended December 2012 saw Motherson Sumi Systems post an INR 103.02 crore net profit. The Delhi based auto component manufacturer had posted an Rs 24.72 crore net loss during the same period in the previous year and hence this significant rise in profits is particularly noteworthy.
Correspondingly sales for the quarter rose INR6,548 crores as against INR 3,772 crore in the same period of previous year. These remarkable figures were due to increased supplies to Volkswagen Group which accounts for as much as 60 % of the company’s business. Operating profit increased 105% for the third quarter.
This figure which stood at INR184.24 crores was at INR 89.70 crores a year earlier. Revenue growth on standalone basis was also up 27% in domestic markets while there was a 25% increase in exports. On a consolidated basis exports increased 87% while domestic sales increased 28%.