Auto parts & equipment firm Motherson Sumi Wiring India announced Q3FY23 results: Q3FY23 & 9MFY23: FY23 is first reporting financial year for MSWIL as an independent publicly listed company (Group reorganization implemented in Jan–March 2022 quarter with approval of Hon’ble NCLT, Mumbai) During FY23, MSWIL expanded capacity (capex for Q3FY23 is Rs 61 crore; 9MFY23 is Rs 147 crore) in line with customers' forecasted requirements as well as orders for new models/ programs awarded to the company. Added 3 new facilities (26 now, compared to 23 earlier) and enhanced overall capacities by over 25% in terms of manhours compared to the same period previous financial year The company developed products for 11 new /full model change and 04 facelift model in the passenger vehicle segment during the first nine months and is currently working on 06 new/full model changes which will be launched in the next 3-6 months. These will contribute nearly 40% of the total business of the company, requiring the company to hire and train additional manpower (approx 7000 people) upfront for the successful launch of these programs. Commenting on the results, Mr. Vivek Chaand Sehgal, Chairman, of Motherson Sumi Wiring India Ltd. said, “Indian automotive industry continues to face supply chain issues. Our teams are working closely with the customers to mitigate the effects of these challenges. We believe this quarter is a work in progress given products for 11 new models are already developed by the company, with required capacities in place(including three new plants). We are optimistic that in upcoming months with the stable/ growing business environment, added capacities will have higher utilisation. We are thankful to our customers for their continued support. Result PDF