Samvardhana Motherson International Reports Q2 FY24 Results And Eyes EV Growth

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  • The company’s order book has soared by 11.43% to Rs 64,130 crore, with over 22% dedicated to electric vehicle components. 
  • The company is also investing heavily in its future, setting up ten new facilities in India and completing four acquisitions in Q2 FY24. 

Samvardhana Motherson International has announced robust financial results for the second quarter of the 2024 fiscal year. In Q2 FY24, the company recorded impressive revenue figures, totalling Rs 23,474 crore, representing a substantial year-on-year growth of 28 per cent. This strong performance was complemented by the company’s EBITDA, which reached Rs 2,001 crore, marking a remarkable 34 per cent increase. Profit-after-tax (PAT) also surged, growing by 39 percent to achieve Rs 451 crore in the last quarter.

One of the key highlights of the company’s performance was the significant growth in its order book. Over the past six months, the company witnessed an 11.43 percent increment in its order book, which now stands at an impressive Rs 64,130 crore. What’s particularly noteworthy is that more than 22 percent of the new orders received were related to components for electric vehicles, underlining the company’s commitment to serving the growing EV market. The company’s leadership attributed some of the production challenges to annual plant shutdowns in Europe during the summer holidays, exacerbated by local disruptions in Europe and America. However, they remain optimistic about their ability to adapt and overcome these challenges. 

The company is actively investing in its future growth. The company is setting up ten new facilities in India to support the expansion of its automotive and non-automotive businesses. In addition, they completed four acquisitions during Q2 FY24, including SAS, Saddles, Rollon, and Ichikoh, as part of their strategic growth initiatives. Samvardhana Motherson International’s strong financial performance, expanding order book, and strategic investments demonstrate its commitment to remaining a key player in the automotive component industry, particularly in the rapidly growing electric vehicle segment.

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Vivek Chaand Sehgal, Chairman of Motherson, expressed his appreciation for the dedication and hard work of the company’s team, as well as the support from their customers in navigating uncertain business environments. He emphasized the importance of the strong relationships and mutual trust they share with their customers, evident in their robust order book, which now exceeds US$ 77 billion (Rs 64,130 crore) as of end-September 2023, compared to US$ 69.1 billion (Rs 57,550 crore) at the end of March 2023.

 

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