The company also registered an 11.43 percent increment in its order book to Rs 64,130 crore in the last six months, with over 22 percent of the new orders comprising component demand for electric vehicles.
Noida-headquartered Tier-1 major of a highly-diversified automotive component product portfolio encompassing wiring harnesses, to rear-view mirrors, and interior trim components among others, Samvardhana Motherson International has reported revenues of Rs 23,474 crore in Q2 FY24, registering a 28 percent year-on-year growth. Its EBITDA, at Rs 2,001 crore, registered a 34 percent growth, while profit-after-tax (PAT) grew 39 percent to reach Rs 451 crore in the last quarter.
The company says its automotive business order book swelled to over US$ 77 billion (Rs 64,130 crore) by end-September 2023, from being pegged at US$ 69.1 billion (Rs 57,550 crore) by end-March 2023. According to the company, over 22 percent of this order book is understood to be coming from parts for electric vehicles. However, the company also attributed the lower production on account of annual plant shutdowns in Europe owing to summer holidays, with the impact getting compounded by local disruptions in Europe and America.
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