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Motherson Sumi falls 6% as Dec quarter profit declines 38%

The consolidated income during October-December period declined to Rs 15,739.38 crore, over Rs 16,533.99 crore in the year-ago period.

February 10, 2020 / 01:48 PM IST
 
 
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Share price of Motherson Sumi Systems fell over 6 percent intraday on February 10 after the company reported 38.6 percent decline in its consolidated profit at Rs 340.32 crore for the quarter ended December 31, 2019. The company had posted consolidated profit of Rs 554.99 crore in the year-ago period, the filing said.

The consolidated income during October-December period declined to Rs 15,739.38 crore, over Rs 16,533.99 crore in the year-ago period.

"We have intensified our focus on the areas we control. We continue to strengthen our operations at the unit level around the world and bring our greenfield plants to optimum levels," Motherson Sumi Systems Chairman Chaand Sehgal said.

Sehgal further said "thanks to the great spirit and efforts of our teams, we are able to support the original equipment manufacturers (OEMs) in navigating through challenging conditions in certain markets and also in managing our cash flows wisely.

The stock price shed 13 percent in the last one month and was quoting at Rs 124.70, down Rs 7.60, or 5.74 percent. It has touched an intraday high of Rs 135.90 and an intraday low of Rs 122.80.

The stock witnessed spurt in volume by more than 1.99 times and was trading with volumes of 1,297,107 shares, compared to its five day average of 987,707 shares, an increase of 31.33 percent.

Moneycontrol News
first published: Feb 10, 2020 01:48 pm

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