Motherson Sumi Wiring India (MSUMI) Q3 24/25 earnings summary

Executive summary

• Revenue grew 9% year-over-year in Q3 FY25, outpacing Indian automotive industry growth by approximately 6% due to a favorable product and content mix.

• Q3 FY25 revenue reached ₹2,300.28 crore, with greenfield projects for Maruti Suzuki, Mahindra, and Tata Motors progressing and contributing ₹80 crore.

• Three new greenfield facilities are ramping up, expected to add ₹2,100 crore in annual revenue by H2 FY26.

• Maintains preferred supplier status for new-age vehicles with major OEMs and is setting up greenfield projects for all-new models.

• Unaudited financial results for Q3 and 9M FY25 were approved by the Board and reviewed by the Audit Committee.

Financial highlights

• Q3 FY25 revenue was ₹2,300.28 crore, EBITDA at ₹238 crore, and PAT at ₹139.98 crore; excluding greenfields, EBITDA was ₹278 crore and PAT ₹172 crore.

• For the nine months ended December 31, 2024, revenue was ₹6,810.76 crore, EBITDA ₹726 crore, and PAT ₹440.93 crore.

• Greenfield startup costs negatively impacted EBITDA by ₹40 crore and PAT by ₹32 crore in Q3; total greenfield startup costs for nine months were ₹95 crore.

• EBITDA margin (excluding greenfield startup costs) was 12.5% in Q3 FY25 and 11.8% for 9M FY25.

• Revenue from EV segment contributed approximately 3%-4% of total revenues.

Outlook and guidance

• Greenfield plants are expected to fully ramp up by H2 2026, normalizing startup costs by Q2/Q3 2026.

• Annual revenue boost of ₹2,100 crore is forecasted from new plants, with further upside possible if customer volumes increase.

• CapEx for the year remains at approximately ₹200 crore, with ₹133 crore spent in the first nine months.