Motherson Sumi Systems has reported results for the quarter and year ended March 31, 2011.
The company ‘s net profit for the quarter ended March 31, 2011 has zoomed by 98.15% at Rs 114.73 crore whereas the same was at Rs 57.90 crore for the quarter ended March 31, 2010. Its total income too has registered growth of 55.27% at Rs 858.67 crore for the quarter under review whereas the same was at Rs 553.01 crore for the similar quarter of the previous year.
For the year ended March 31, 2011, the company’s net profit has grown by 61.10% at Rs 287.49 crore whereas the same was at Rs 178.45 crore for the year ended March 31, 2010. Its total Income has also risen by 62.43% at Rs 2881.70 crore for the year under review whereas the same was at Rs 1774.07 crore for the previous year.
On consolidated basis, the Group’s net profit has declined by 2.11% for the quarter ended March 31, 2011 at Rs 138.90 crore whereas the same was at Rs 141.89 crore for the quarter ended March 31, 2010. Its total income has increased by 16.34% for the quarter at Rs 2360.10 crore as against Rs 2028.57 crore for the similar quarter a year ago.
The Group has registered growth of 60.99% in its net profit for the year ended March 31, 2011 at Rs 390.80 crore whereas the same was at Rs 242.75 crore for the year ended March 31, 2010. Its total income has rise by 20.84% at Rs 8384.05 crore for the year under review whereas the same was at Rs 6938.34 crore for the previous year.
The High Court of Delhi on March 21, 2011 approved the arrangement for the merger of erstwhile Balda Motherson Solutions India (BMSI) & Motherson Tradings (MTL) with the company (scheme) with effect from April 01, 2010 (appointed date). Accordingly the standalone results for the current quarter and the year ended March 31, 2011 include the results of BMSI and MTL, and are not strictly comparable, it does not have impact on the consolidated results of the company.
Further, the board has recommended an exchange ratio of 10 shares of Re 1 each fully paid up for every 57 equity shares of Rs 10 each held by shareholders of SMIEL. The company will issue 4,420,360 new shares, thereby increasing its equity capital to Rs 39.20 crore.
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