Motherson Sumi Q4 cons profit falls 21% to Rs 410 cr on weak operating income

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Auto ancillary company Motherson Sumi Systems’ January-March quarter profit fell by 21 percent year-on-year, dented by weak operating income and standalone business, but revenue beat analyst estimates.

Consolidated profit in Q4 declined to Rs 409.96 crore from Rs 518.36 crore in the same period last year, which was below CNBC-TV18 poll estimates of Rs 448 crore.

Consolidated revenue from operations increased 11.4 percent to Rs 17,169.5 crore driven mostly by international business that grew 14 percent. CNBC-TV18 estimates for revenue stood at Rs 16,717 crore for the quarter.

Its standalone profit dropped 12.8 percent to Rs 210.8 crore and revenue fell 12.1 percent to Rs 1,851.4 crore compared to the corresponding period last fiscal.

Among subsidiaries, rearview mirror maker Samvardhana Motherson Reflectec (SMR) showed a 4.6 percent YoY growth in revenue at Rs 3,436.6 crore but its EBIT dropped 7 percent YoY.

Samvardhana Motherson Peguform (SMP), which makes exterior and interior modules for cars, reported a 20.7 percent growth in revenue at Rs 8,553 crore but at the operating level, it posted a loss of Rs 130 crore (against a profit of Rs 310 crore) YoY.

PKC India, which serves commercial vehicle industry and was acquired by Motherson Sumi Systems in 2017, grew its business 16.7 percent in Q4 to Rs 2,540.54 crore and even its EBIT increased sharply by 117.2 percent to Rs 170 crore YoY.

Consolidated EBITDA (earnings before interest, tax, depreciation and amortisation) slipped 17.2 percent to Rs 1,242 crore and margin contracted 250 bps to 7.2 percent compared to year-ago period, which were far below CNBC-TV18 poll estimates of Rs 1,527 crore and 9.1 percent respectively.

For the year FY19, consolidated profit increased 1 percent to Rs 1,613.2 crore and revenue jumped 12.4 percent to Rs 63,523 crore compared to previous fiscal.

Motherson said during the year it bagged new orders worth Rs 45,312 crore and started execution of orders worth Rs 55,021 crore. We have strong order book of over Rs 1.47 lakh crore at SMRP BV level, it said

The stock was quoting at Rs 119.50, up Rs 1.05, or 0.89 percent on the BSE, at 1248 hours IST.

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