Motherson Wiring

The company had recorded a net profit of Rs 114 crore in the same period during last year. Its total revenue from operations stood at Rs 1,835.21 crore as compared to Rs 1,399.95 crore and its total expenses went up to Rs 1,689.77 crore against Rs 1,229.76 crore during same quarter a year ago, said MSWIL during a regulatory filing

Auto component maker Motherson Sumi Wiring India Ltd (MSWIL) reported a 2 per cent surge in net profit to Rs 116.45 crore in the second quarter ending 30 September 2022, on 31 October.

The company had recorded a net profit of Rs 114 crore in the same period during last year, said MSWIL during a regulatory filing.

Its total revenue from operations stood at Rs 1,835.21 crore as compared to Rs 1,399.95 crore in the year-ago period, it added.

The total expenses went up to Rs 1,689.77 crore against Rs 1,229.76 crore during same quarter a year ago.

MSWIL chairman, Vivek Chaand Sehgal said that the signs of revival are witnessed in the Indian automotive industry and the customers too are increasing the production. The ooutome of this is one-time costs, which must be dealt in the subsequent quarters.

According to the company, in the second quarter, it incurred costs because of initial one-time start-up costs of new programmes at Bengaluru and new facility at Chennai.

Apart from this, in order to meet increased volume, expedited freight and extra ordinary manpower costed additionally, which further got hampered by supply chain constraints.

The company said that in order to mitigate current and future impact, it is holding discussions with customers for one-time compensation and provide alignment to new cost structure.