Motherson Sumi Wiring India Limited (MSWIL) reports Q1FY24 Revenues of Rs 1,859 crores, up by 11% an
Motherson Sumi Wiring India Limited (MSWIL) today announced its financial results for the fiscal 2023-24 first quarter, which ended on 30th June 2023.
Commenting on the results, Mr Vivek Chaand Sehgal, Chairman, Motherson Sumi Wiring India Ltd. said, “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. Operational improvements continue to support the performance despite inflationary headwinds and supply chain issues at the customer’s end. 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.”
Key Highlights
Growth in revenue is aided by increasing content per vehicle and product mix
Significant traction for EV (PV and CV), with YoY growth of 3x in Q1FY24 as compared to corresponding quarter previous year
Initiated supplies to 2 leading players in EV commercial segment
The quarter also had block closure at some of our major customers
Financial Performance
Motherson Sumi Wiring India Limited (MSWIL)
Motherson Sumi Wiring India Limited (MSWIL) is a leading and fast-growing full-system solutions provider to OEMs, in the wiring harness segment in India. Motherson Sumi Wiring India is a joint venture between Samvardhana Motherson International Limited (SAMIL) [Formerly Motherson Sumi Systems Limited] and Sumitomo Wiring Systems, Ltd. (SWS). The company is prepared to meet the customer needs at every stage of the supply chain, from initial product design and validation to tool design and manufacturing, finishing, and processing, assembly, and finally production of integrated cutting-edge Electrical & Electronic Distribution Systems for the power supply or data transfer across vehicles. Motherson Sumi Wiring India Limited has a product profile that benefits from favorable industry trends of premiumisation, which leads to an increase in automobile electrification, and supports current and future automotive trends. (CIN – L29306MH2020PLC341326) http://www.mswil.motherson.com