Leading specialized automotive component manufacturer, Samvardhana Motherson International Limited (SAMIL) reported a massive 438% year-on-year (YoY) growth in net profit to ₹654 crore in the fourth quarter of FY23. Sequentially, the growth was 44% in PAT. On the back of the strong booked business, Motherson posted the highest ever quarterly and yearly revenue.
Revenue stood at ₹22,477 crore in Q4FY23, registering a growth of 30% YoY and 11% QoQ. FY23 revenue growth was 23% YoY to ₹78,701 crore, the highest ever yearly revenue.
In terms of operating profit, EBITDA zoomed by 61% YoY and 23% QoQ to ₹2,066 crore in the quarter. FY23 EBITDA stood at ₹6,394 crore, up by 33% YoY. FY23 profit also skyrocketed by a huge 193% YoY to ₹1,496 crore.
Vivek Chaand Sehgal, Chairman, Motherson said, "With the support of our customers and the hard work of our teams, the company has ended the year with strong performance. The robust booked business of nearly $ 70 billion is a reflection of customer trust in Motherson."
Overall, as of March 31, 2023, Motherson booked a strong business from the automotive business.
Motherson continued deleveraging with the net debt to EBITDA ratio improving to 1.4x from 1.8x QoQ. The net debt stood at ₹7,474 crore by end of Q4FY23, lower by ₹1,000 crore QoQ.
The company witnessed 7 strategic acquisitions since April 2022 with a combined proforma revenue of $ 4.9 billion on a gross basis and $ 1.1 billion on a net basis approx.
Going forward, Sehgal added, "SAMIL is well-positioned to gain from emerging trends in the automotive industry. The additional 7 strategic acquisitions and the M&A pipeline will further strengthen our business portfolio, and we look forward to exciting times ahead."
In a meeting held on Friday, Motherson's board of directors recommended a dividend of ₹0.65 per equity share having a face value of Re 1 each for fiscal FY23.
