Motherson Sumi Wiring India (MSUMI) Q2 24/25 earnings summary

Executive summary

• Q2 FY25 revenue reached ₹2,326 crore, up 10.3% year-on-year, outperforming the industry due to increased content per vehicle and product mix changes.

• PAT for Q2 FY25 declined 2.6% year-on-year to ₹152 crore, with EBITDA at ₹250 crore, down 1.2% year-on-year.

• For H1 FY25, revenue increased 13.3% year-on-year to ₹4,510 crore, with PAT up 7.9% to ₹301 crore.

• EV revenue share stood at 4.1%, with ongoing innovation in EV, hybrid, and battery management systems.

• Unaudited financial results for the quarter and half year ended September 30, 2024, were approved by the Board on November 8, 2024.

Financial highlights

• Q2 FY25 revenue: ₹2,326 crore (up 10.3% YoY); EBITDA: ₹250 crore (down 1.2% YoY); PAT: ₹152 crore (down 2.6% YoY).

• H1 FY25 revenue: ₹4,510 crore (up 13.3% YoY); EBITDA: ₹488 crore (up 6.1% YoY); PAT: ₹301 crore (up 7.9% YoY).

• Gross margin for Q2 FY25 was approximately 34.4%, improving quarter-on-quarter due to product mix.

• EPS for Q2 FY25 was ₹0.34, compared to ₹0.35 in Q2 FY24.

• Absolute profit remained resilient year-on-year but margin declined by 120 basis points due to ramp-up costs at new plants.

Outlook and guidance

• New facility in Kakkalur expected to be operational in Q1 FY26.

• Multiple new models planned for launch in the second half of FY25.

• Ramp-up of two greenfield sites expected to stabilize within six to nine months.

• Expanding capacities with two new greenfield projects to support new customer orders, incurring additional ramp-up costs.

• Management notes forward-looking statements are subject to market and industry uncertainties.