Hot Pursuit     29-May-24
Samvardhana Motherson hits 52-week high as Q4 PAT doubles YoY; board to raise Rs 5,000 cr
Samvardhana Motherson International (SAMIL) rallied 3.98% to Rs 147.60 after the company reported consolidated net profit of Rs 1,371.82 crore in Q4 FY24, higher than Rs 653.96 crore posted in Q4 FY23.

Total revenue from operations increased 20.17% to Rs 27,058.22 crore during the March 2024 quarter as compared with Rs 22,516.99 crore posted in the corresponding quarter last year.

Profit before tax stood at Rs 1,556.88 crore in the quarter ended 31 March 2024, registering a growth of 63.37% YoY.

Total expenses increased 18.95% YoY to Rs 25,661.86 crore in fourth quarter of FY24. Cost of material consumed stood at Rs 13,540.83 crore (up 8.01% YoY), employee benefit expenses was at Rs 6,686.88 crore (up 34.76%) and finance cost was at Rs 450.38 crore (up 61.75% YoY) during the period under review.

EBITDA stood at Rs 2,999 crore in the March 2024 quarter, up 45.15% from Rs 2,066 crore reported in Q4 FY23. EBITDA margin improved to 10.1% in Q4 FY24 as compared to 9% recorded in the corresponding period last year.

On segmental front, revenue from wiring harness was Rs 8,168 crore (up 9.27% YoY), revenue from modules and polymer products stood at Rs 13,688.94 crore (up 12.93% YoY), vision systems revenue was at Rs 5,037.88 crore (up 9.63% YoY) during the period under review.

Revenue from emerging businesses was Rs 2,283.35 crore (up 24.45% YoY) and integrated assemblies segment revenue was at Rs 2,581.11 crore in the quarter ended March 2024.

On full year basis, the company’s consolidated net profit jumped 81.61% to Rs 2,716.20 crore on 25.26% rise in total revenue from operations to Rs 98,691.74 crore in FY24 over FY23.

Leverage ratio maintained at 1.4x (same as FY23), despite large M&A payouts and growth capex.

Delivered ROCE stood at 17% for FY24, compared to 11% in FY23; continued focus on further improvements.

Commenting on the results, Vivek Chaand Sehgal, chairman, Motherson said, “We are encouraged by the company's performance, which results from the efforts of business divisions and acquired entities. We have also maintained a healthy financial position by keeping leverage and debt under control. Our automotive booked business of over $83.9 billion provides strong revenue visibility.

We also foresee good traction from our non-automotive businesses, such as aerospace, consumer electronics, and health and medical. To fully utilise our manufacturing capabilities, we are setting up new facilities across emerging markets.”

Meanwhile, the board has recommended a dividend of Re 0.80 per equity share for financial year 2023-24, subject to approval of shareholders.

Further, the company’s board has approved raising of funds for an aggregate amount of Rs 5,000 crore on a private placement basis, in one or more tranches. The funds would be raised through redeemable non convertible debentures (NCDs).

Samvardhana Motherson International is the flagship company of the Samvardhana Motherson group.

The scrip hit a 52-week high at Rs 148.95 in today’s intraday session.

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