Auto ancillary firm Motherson Sumi Systems reported a 20.95 per cent drop in its quarterly profit at Rs 347.32 crore in its first quarter ended 30 June, from Rs 439.36 crore in the corresponding period last year. The company's revenue during the period under review went up by 25.72 per cent year-on-year to Rs 13,138 crore. EBITDA for the quarter rose by 23.6 per cent yoy to Rs 1140.9 crore.
The company maintained that during Q1 FY 2017-18 it had incurred an exceptional expense of Rs 150 crore as redemption premium and unamortised transaction costs for prepayment of senior secured notes amounting to 500 million euros due in 2021.
"We are very pleased with the way the operational integration of PKC into MSSL is progressing and with the responses from customers to our stronger offering. Another successful bond issue at SMRP BV reflects the confidence of the market on MSSL and its subsidiaries. Our new plant build-ups are progressing well. In Hungary and the USA, SMP is nearing the scheduled customer launch dates with two large facilities. This will further strengthen our ability to meet the requirements of our customers in these regions,"said Vivek Chaand Sehgal, MSSL's Chairman.