Motherson Sumi Systems said the fiscal second quarter ended 30 September 2011 was the toughest quarter in recent history.
Net earnings dipped 71.8% year on year to INR243m compared with INR860m in Q2 2010.
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The company posted consolidated total sales up 19.5% to INR22.9bn (US$447m). Domestic sales rose 13.4% to INR8.62bn while export sales grew 23.6% to INR14.3bn in Q2 2011.
Vice-chairman Vivek Chaand Sehgal said: “This is despite the negative growth in the passenger car segment, unfortunate industrial relations at one of the company’s largest customers [Maruti Suzuki – ed] – this has resulted in sales loss for our company and unutilised capacities.”
MSSL’s stand-alone total sales for the second quarter grew 18.6% to INR7.74bn. Domestic sales rose 14.2% to INR6.73bn and export sales totalled INR1bn, an increase of 59.3%.
Standalone net income fell 52.1% to INR316m from INR659m in Q2 2010.
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