Q3 Results 2023: Samvardhana Motherson, Pennar, Escorts Kubota, Symphony declare December quarter results - HIGHLIGHTS

Auto components maker Samvardhana Motherson International Ltd on Wednesday reported a consolidated net profit from continuing operations at Rs 500.73 crore in the December quarter

Escorts Kubota Q3 Results 2023: posts 6% decline in Q3 profit to Rs 180.8 crore. Source: PTI

Q3 Results 2023: More companies reported their December quarter earnings on Wednesday. Among them were Samvardhana Motherson International which reported a profit of Rs 500.73 crore in December quarter while Pennar Industries' PAT was up 97.2 per cent during the reporting quarter at Rs 21 crore. Meanwhile, Escorts Kubota posted 6 per cent decline in Q3 profit to Rs 180.8 crore.

Samvardhana Motherson International Q3 Results 2023: profit stood at Rs 500.73 crore in December quarter

Auto components maker Samvardhana Motherson International Ltd on Wednesday reported a consolidated net profit from continuing operations at Rs 500.73 crore in the December quarter.

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The company had posted a consolidated net profit from continuing operations of Rs 225.95 crore in the year-ago period, Samvardhana Motherson International Ltd (SAMIL) said in a regulatory filing.

Consolidated total revenue from continuing operations stood at Rs 20,226.21 crore. It was at Rs 16,117.51 crore a year ago, it added.

Total expenses were at Rs 19,615.35 crore as against Rs 15,903.78 crore in the year-ago period.

The company said the results for the current quarter are not fully comparable with those for the earlier period due to the impact of a scheme, which included the demerger of the domestic wiring harness business.

"These results demonstrate strong fundamentals of the company and continued focus on operational efficiencies," Motherson Chairman Vivek Chaand Sehgal said.

Further, he said, "With further improvement expected in business environment, we are poised to deliver greater value to our stakeholders."

Pennar Industries Q3 Results 2023: PAT up 97.2% at Rs 21 crore in Q3

Pennar Industries Ltd (PIL), on Wednesday said its consolidated profit after tax for the quarter ended December 31 was up by 97.2 per cent at Rs 21.12 crore compared to Rs 10.71 crore in Q3 FY22.

The city-based value-added engineering products and solutions company said net revenues during the quarter stood at Rs 692.22 crore up 29.9 per cent compared to Rs 532.97 crore in Q3 FY22.

For the first nine months period in the current fiscal, the company booked Rs 51.6 crore PAT on Rs 2,226.2 crore net revenue.

Escorts Kubota Q3 Results 2023: posts 6% decline in Q3 profit to Rs 180.8 crore

Farm and construction equipment manufacturer Escorts Kubota Ltd on Wednesday posted a 6.7 per cent decline in consolidated net profit to Rs 180.8 crore in the third quarter ended December 31, 2022.

The company had posted a consolidated net profit of Rs 193.71 crore in the same period last fiscal, Escorts Kubota Ltd said in a regulatory filing.

Consolidated revenue from operations during the quarter under review stood at Rs 2,291.35 crore as against Rs 1,998.29 crore in the year-ago period, it added.

Total expenses were higher at Rs 2,141.47 crore, up from Rs 1,756.7 crore in the corresponding quarter a year ago.

During the quarter the company sold 28,025 units, up 10.7 per cent from 25,325 units in the year-ago period. The agri segment revenue rose 12.4 per cent at Rs 1,708 crore as compared to Rs 1,519.3 crore in the same period last fiscal.

Construction equipment sales volume were at 1,209 machines, up 5 per cent as against 1,151 machines in the same period a year ago, with the segment posting revenue of Rs 306.1 crore, up 10.7 per cent year-on-year.

The railway products division had revenue of Rs 249.3 crore at a growth of 43.4 per cent from Rs 173.9 crore in the year-ago period, the company said.

Escorts Kubota Chairman and Managing Director Nikhil Nanda said, "There has been positive and continuous growth across businesses and we feel government spending on core sectors will favour demand across industry segments."

In the agri segment, he said rural sentiments continue to remain favourable owing to improved rabi sowing assisted by good monsoon this year.

On the outlook, Nanda said, "While inflation impact on margin may take some time to normalise, the overall macroeconomic factors remain favourable for overall economic growth."

Symphony Q3 Results 2023: profit rises 86 per cent to Rs 39 crore

Air cooler and appliances maker Symphony on Wednesday reported 85.71 per cent jump in consolidated net profit at Rs 39 crore for the third quarter ended December 2022.

The company had logged a net profit of Rs 21 crore in October-December period a year ago, Symphony said in a regulatory filing.

Revenue from operations rose 35.12 per cent to Rs 277 crore during the quarter under review against Rs 205 crore in the year-ago period.

This was led by robust off-season sales and quite positive and buoyant trade sentiment during the quarter, Symphony said in its earnings statement.

The company's revenue from the Indian market was at Rs 198 crore, while the global markets contributed Rs 79 crore.

Total expenses in the quarter were Rs 243 crore, up 32.06 per cent as compared to the year-ago period.

Symphony also said its board, in a meeting held on Wednesday, approved a share buyback of Rs 200 crore, buying back up to 10,00,000 equity shares at Rs 2,000 per scrip, subject to shareholders' approval.

Symphony Ltd stock on Wednesday settled at Rs 1,047, up 8.47 per cent, on the BSE.

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