Noida, Uttar Pradesh – 20th May 2023 – Motherson Sumi Wiring India Limited (MSWIL) today announced its financial results for the fiscal 2022-23 fourth quarter, which ended on 31st March 2023.
Commenting on the results, Mr. Vivek Chaand Sehgal, Chairman, Motherson Sumi Wiring India Ltd. said,
“This was the first full year of operations for MSWIL as a separate listed company and the company has delivered a stellar performance. Ramp up phase of new facilities is over and the utilisation will scale up in the upcoming quarters. The company is a proud supplier of wiring harnesses to leading ICE and EV passenger vehicle models in India. This is a testimony of our customers’ trust on Motherson and we are grateful for that.”
Key Highlights
· Proud to be part of 23 new launches and 17 facelifts taken place in India during FY23 across PV, CV and 2W segments
· Supplying to 10 out of top 12* selling passenger vehicle models in India
· Strong presence in India’s EV market, supplying to 2 out of top 3 (EV PV OEMs) and 2 out of top 5 (EV 2W OEMs)
· Highest ever quarterly revenues since the start of operations as an independent entity
· Crossed INR 7,000 crores in yearly revenue
· Improvement in Profitability indicating continued focus on operational efficiency including localisation
· 44% ROCE for the current financial year, consistent ROCE >40%
