Motherson Sumi Q1 net profit dips 2% to Rs 123 cr

New Delhi: Motherson Sumi Wiring India on Friday said its net profit declined by 2 per cent to Rs 123 crore in the first quarter ended June 30.

The company had reported a net profit of Rs 126 crore for the April-June quarter of last fiscal.

The total income, however, increased to Rs 1,859 crore compared to Rs 1,671 crore in the year-ago period, Motherson Sumi Wiring India said in a regulatory filing.

"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," Motherson Sumi Wiring India Chairman Vivek Chaand Sehgal said.

Operational improvements continue to support the performance despite inflationary headwinds and supply chain issues at the customer's end, he added.

"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," Sehgal said.

Shares of the company ended 2.19 per cent down at Rs 58.89 apiece on the BSE.