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

Executive summary

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

• Maintains preferred supplier status for new-age vehicles with major OEMs like Maruti Suzuki, Mahindra, and Tata Motors, with ongoing investments in new greenfield plants.

• Unaudited financial results for the third quarter and nine months ended December 31, 2024, were approved by the Board on February 6, 2025, and reviewed by the Audit Committee.

• Maintained a debt-free status, with constructive discussions underway with customers regarding cost sharing for expansions.

Financial highlights

• Q3 FY25 revenue reached ₹2,300.28 crore, up from ₹2,114.53 crore in Q3 FY24; greenfield plants contributed ₹80 crore in Q3.

• EBITDA for Q3 FY25, excluding greenfields, stood at ₹278 crore, up 6.1% year-over-year; reported EBITDA was ₹238 crore and PAT was ₹139.98 crore.

• For the nine months ended December 31, 2024, revenue was ₹6,810.76 crore and net profit was ₹440.93 crore.

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

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

Outlook and guidance

• Three greenfield plants for Maruti Suzuki, Mahindra, and Tata Motors are in various stages of completion, expected to be fully operational by H2 2026, normalizing startup costs by Q2/Q3 2026.

• Annual revenue boost of ₹2,100 crore 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.