Motherson Sumi Wiring India (MSUMI) Q1 24/25 earnings summary

Executive summary

• Q1 FY25 revenue grew 17% year-over-year to ₹2,185 crore, driven by increased volumes and higher content across all segments, including EV, CV, and two-wheelers.

• EBITDA rose 15% year-over-year to ₹239 crore, with PAT up 21% to ₹149 crore, reflecting operational efficiencies despite higher raw material costs.

• EV segment revenue surged 50% year-over-year, supported by participation in top-selling passenger vehicles and EV 2W models.

• Two new greenfield plants: one began operations in July 2024 and is ramping up; another expected by Q1 FY26 due to a customer delay.

• The company remains debt-free and continues to focus on operational excellence and financial prudence.

Financial highlights

• Revenue for Q1 FY25 was ₹2,185 crore, up from ₹1,872 crore in Q1 FY24 (17% YoY growth).

• EBITDA for the quarter was ₹239 crore, up 15% year-over-year.

• PAT increased to ₹149 crore from ₹123 crore, a 21% YoY rise.

• PBT rose 19% YoY to ₹198 crore.

• Basic and diluted EPS for Q1 FY25 were ₹0.34, compared to ₹0.28 in Q1 FY24.

Outlook and guidance

• Automotive megatrends, including EVs and hybrids, continue to drive growth.

• One new plant in Pune commenced operations in Q1 and is expected to ramp up fully by Q2/Q3; another plant in Navagam will come online in Q1 FY26 due to a customer delay.

• CAPEX guidance for FY25 is approximately ₹200 crore.

• Management expects industry volumes to nearly double over the next three to five years, with further plant expansions anticipated.

• Signs of cooling in elevated copper prices may support future margin improvement.