Auto Parts & Equipments company Motherson Sumi Wiring India announced Q1FY24 results: Revenues of Rs 1,859 crore, up by 11% YoY PAT of Rs 123 crore, down by 2% on YoY Growth in revenue is aided by increasing content per vehicle and product mix Significant traction for EV (PV and CV), with YoY growth of 3x in Q1FY24 as compared to Q1FY23 Initiated supplies to 2 leading players in EV commercial segment The quarter also had block closure at some of our major customers Commenting on the results, Vivek Chaand Sehgal, Chairman, Motherson Sumi Wiring India said, “The company continues to deliver good and consistent performance. The additional capacities which were created over the past few quarters have started to contribute towards revenue growth. Operational improvements continue to support the performance despite inflationary headwinds and supply chain issues at the customer’s end. With cost reduction initiatives in place coupled with the continued support of the customers, we believe that we will continue to deliver value to our stakeholders in the upcoming quarters as well.” Result PDF