Mumbai – 28th July 2023 – Motherson Sumi Wiring India Limited (MSWIL) today announced its financial results for the fiscal 2023-24 first quarter, which ended on 30th June 2023.
Commenting on the results, Mr. Vivek Chaand Sehgal, Chairman, Motherson Sumi Wiring India Ltd. said,
“The company continues to deliver good and consistent performance. The additional capacities which were created over the past few quarters have started to contribute towards revenue growth. Operational improvements continue to support the performance despite inflationary headwinds and supply chain issues at the customer’s end. With cost reduction initiatives in place coupled with the continued support of the customers, we believe that we will continue to deliver value to our stakeholders in the upcoming quarters as well.”
Key Highlights
- Growth in revenue is aided by increasing content per vehicle and product mix
- Significant traction for EV (PV and CV), with YoY growth of 3x in Q1FY24 as compared to corresponding quarter previous year
- Initiated supplies to 2 leading players in EV commercial segment
- The quarter also had block closure at some of our major customers
Financial Performance
| Q1FY24 | INR Crores |
| Revenues | 1,859 |
| EBITDA | 207 |
| EBITDA Margin | 11.1% |
| PAT | 123 |
