Samvardhana Motherson International has announced that its revenues in Q1FY24 stood at INR 22,462 crore. Revenues from EV increased by INR 1,600 crore during the period compared to INR 4,900 crore in FY23.
Vivek Chaand Sehgal, Chairman, Motherson, noted that the automotive industry is stabilising with new cost structures, and Motherson continues to adapt to the evolving landscape.
The company is working closely with the customers to serve them in these challenging times better. It has closed seven acquisitions with their support, he added.
Motherson aims to bring innovative solutions to streamline and solve operational issues. Sehgal noted that these acquisitions will further increase the value-added content and provide new growth opportunities for Motherson. Motherson also employed over 8,500 new employees during the quarter.
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