Motherson Sumi doubles sales, triples net profit In Q2

ERJ staff report (DS)

New Delhi, India - Indian automotive supplier Motherson Sumi has reported substantially higher figures for the three months to September 2012, following a series of acquisitions in Europe.

Through subsidiare, Motherson Sumi completed the acquisition of an 80 percent stake in Peguform GmbH and Peguform Iberica, SL including subsidiaries and joint ventures as well as a 50 percent stake in Wethje Entwicklungs, GmbH and Wethje Carbon Composite,GmbH (together these companies have been re-named and are now known as the SMP Group) on November 23, 2011 (the completion date).

These companies collectively supply plastic parts to automotive customers across the globe as well as complete systems and modules for the interior and exterior of vehicles, such as door panels, cockpits, bumpers spoilers etc.

As a result, Total revenues grow by 153 percent with growth in Profit After Tax by 467 percent. The company's standalone businesses reported growth of 44 percent on exports from India and domestic sales grow by 19 percent in spite of difficult domestic market situation

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Results presentation from Motherson Sumi