India-based automotive components maker Motherson Sumi Systems has posted a 21% jump in third-quarter net income, boosted by higher sales in global operations helped by increased production capacity.
Consolidated net income for the third quarter rose to 3.07 billion rupees (US$45m), from 2.54 billion rupees in the year earlier period, Motherson said in a statement on Tuesday. Sales climbed 8% to 96.76 billion rupees, with revenue from abroad rising 9% to 83.01 billion rupees.
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The company said Netherlands unit Samvardhana Motherson Automotive Systems Group drove quarterly performance with an 18% jump in revenue in euro terms and 22% gain in operating profit, despite increased investments in new plants. Another subsidiary Samvardhana Motherson Reflectec, which makes rear-view mirrors, reported its highest ever quarterly profit, with revenue surpassing EUR1bn in less than nine months of the current fiscal year.
"The performance is all the more encouraging, in light of the worries that surround the global automotive industry," Chairman Vivek Chaand Sehgal said in the statement.
Local sales grew 4% to 13.76 billion rupees, as the company said floods in the southern India state of Tamil Nadu
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