Motherson Sumi Q2 net dips 71.78

During July-September 2011,the company8217;s net sales were Rs 2,290.10 crore,a 19.51 per cent increase from Rs 1,916.17 crore in the year-ago period.

8220;This has been the toughest quarter in the recent history8230; There has also been huge volatility in rupee and euro vis-a-vis the US Dollar. The company has made full provision of unrealised exchange translation loss on long term loans,8221; Motherson Sumi Systems Vice-Chairman Vivek Chaand Sehgal said in a statement.

Exchange loss on US Dollar loans in India for the quarter accounted is Rs 41.9 crore previous year quarter gain of Rs 2.8 crores,the company added.

Besides,Sehgal said that 8220;unfortunate industrial relations situation at one of the company8217;s largest customer8221; also resulted in sales loss for the company and unutilised capacities.

The company said that during the quarter,consolidated export sales were up 23.6 per cent to Rs 862.31 crore,while consolidated domestic sales increased 13.4 per cent.