Motherson Sumi Systems, a leading auto parts manufacturer reported a decline of 2.1% in their net profits for the fiscal year’s fourth quarter at Rs.138.90 crore. In comparision to this, the company had a net profit in the corresponding period last financial year of Rs.141.89 crore. The company’s overall income in FY11 fourth quarter was around Rs.2,355.97 crore, in comparision to Rs.2,027.89 crore it acquired in the corresponding period last financial year.
The cost of raw materials, reportedly rose by around 20.74% in the quarter, reaching Rs.1,486.13 crore, from the earlier Rs.1,230.77 crore in the corresponding period last financial year. According to the company they had declared a Rs.2.75 dividend per share for the 2010-11 fiscal year, in comparision to the Rs.1.75 dividend per share in the previous fiscal year.
The vice chairman of the company, Vivek Chaand Sehgal was quoted as saying that their growth was possible because of strong growth in the local auto industry.