Auto component maker Motherson Sumi Systems on Tuesday reported 12.41 per cent increase in its consolidated net profit at Rs. 340.10 crore for the quarter ended March 31.
The company had posted a net profit of Rs. 302.53 crore in the same quarter previous fiscal, Motherson Sumi Systems said in a filing to the BSE.
Net sales during the quarter under review stood at Rs. 9,321.97 crore as against Rs. 8,289.01 crore in the year-ago period, up 12.46 per cent.
Meanwhile, the Board of Directors of the company at its meeting held today recommended a dividend of Rs. 3 per share for the year, subject to the approval of shareholders.
For the full year, the company’s net profit was at Rs. 862.47 crore as against Rs. 764.97 crore in the previous fiscal, up by 12.75 per cent.
Net sales for the year 2014-15 were at Rs. 34,490.31 crore as against Rs. 30,357.95 crore in 2013-14, up 13.61 per cent.
Motherson Sumi Systems Chairman Vivek Chaand Sehgal said: “We are very happy with the way we have performed against our five-year targets, thanks to the continued support of our customers, employees and other stakeholders.”
In 2010, the company had set a target of becoming a USD 5 billion entity by 2015, which it has exceeded with its revenues currently at USD 5.5 billion.
Setting out the roadmap for the next five year, the company said it was aiming to become a USD 18 billion company by 2020.
“We are very excited to launch our 5th five-year plan. It reflects our strong belief in our ability to deliver great value to the business of our customers, across our organisation, across the world,” Sehgal said.