Motherson Sumi Wiring India Q3 net profit down 16.6% at Rs 139.98 crore

Motherson Sumi Wiring India Ltd on Thursday reported a 16.6 per cent decline in net profit at Rs 139.98 crore in the third quarter ended December 31, 2024, impacted by higher expenses.

The company had posted a net profit of Rs 167.86 crore in the same quarter last fiscal, Motherson Sumi Wiring India Ltd (MSWIL) said in a regulatory filing.

Total revenue from operations in the third quarter stood at Rs 2,300.28 crore against Rs 2,114.53 crore in the year-ago period, it added.

MSWIL said total expenses in the quarter were higher at Rs 2,116.22 crore compared to Rs 1,896.61 crore a year ago.

Its Chairman Vivek Chaand Sehgal said the results come in the backdrop of upfront costs associated with establishing greenfield plants.

"These investments support upcoming EV and ICE (internal combustion engine) programmes, reflecting our strategic vision for the future and commitment to our customers. Despite these investments, our profitability remains strong, and we continue to uphold our status as a debt-free company," he added.

These greenfield plants will be fully operational in the ensuing quarters, the company said, adding that there have been "constructive conversations with customers for some of the pain sharing on associated costs for expansion".