Mumbai: Specialised automotive component manufacturer Motherson Sumi Systems (MSSL) on Monday reported a decline of 41.67 per cent in its consolidated net profit for the first quarter of 2019-20.
The company's consolidated net profit during the quarter under review receded to Rs 360.64 crore from Rs 618.35 crore reported for the previous correspoinding period.
However, the company's consolidated gross sales grew to Rs 16,557.33 crore from Rs 14,562.98 crore earned during Q1 of 2018-19.
Commenting on results, MSSL Chairman Vivek Chaand Sehgal said: "The Greenfield plants of SMP are showing slow continuous improvement and we expect the trend to continue provided there is no further global slowdown.
"We continue to focus on managing cash flows and debt, and in improving operational efficiency."
At the end of trading on Tuesday, stocks of Motherson Sumi trading on the Bombay Stock Exchange, traded to Rs 97.25, down by Rs 9.55 or 8.94 percent in the session.