Auto component major Motherson Sumi Systems Monday reported 1.19 per cent drop in consolidated net profit at Rs 554.99 crore for the third quarter ended December 31, 2018, on account of higher tax expenses during the period. The company had reported a profit of Rs 561.71 crore during the same period of previous fiscal. Revenue from operations, however, rose to Rs 16,233.65 crore as compared with Rs 14,271.45 crore in October-December 2017-18. The company's total tax expenses for the third quarter stood at Rs 269.26 crore, up 7.01 per cent from Rs 251.61 crore in the year-ago period.
"All of our operating businesses have performed well under current market conditions," Motherson Sumi Systems Chairman V C Sehgal said in a statement. With the start of production at Tuscaloosa (US) in this quarter, all the key greenfield projects are now completed, he added. The company has set up 33 new plants in last four years to create capacities for the orders given by the customers, Sehgal said. Shares of the company were trading 0.33 per cent down at Rs 134.60 apiece on BSE.