Motherson Sumi Wiring India Ltd

Dear Shareholders,

Welcome to the FY2024-25 annual report of Motherson Sumi Wiring India Limited (MSWIL). This is our fourth annual report since listing on the BSE and NSE in March 2022. MSWIL was formed by demerging the wiring harness business from Samvardhana Motherson International Limited (SAMIL), formerly Motherson Sumi Systems Limited (MSSL). We continue to benefit from the strong foundations and long-term guidance of our partners, Sumitomo Wiring Systems (SWS) and SAMIL.

A year of strong performance

FY2024-25 was a special year for MSWIL. We recorded our best-ever financial performance. But more than the numbers, it is the trust of our customers and the dedication of our people that define the year for us.

We closed FY2024-25 with INR 9319 crores in revenue, an increase of 11.9% over last year. Revenue from ex greenfields amounting to INR 9062 crores which led to growth of 10.5% on EBITDA and PAT on comparable basis Return on capital employed continues to be more than 40% (i.e 42% for FY 2024-25). We remained debt-freeand continued to generate healthy cash flows. To share the benefits of this performance, the Board has recommended a dividend payout of 62% of profit after tax.

Built on trust

The theme of this year's report is

"Long-term success is the result of relationships built on trust."

For MSWIL, it is trust that drives everything we do. When customers ask us to take on more responsibility, it is because they have seen us deliver reliably, consistently, and with care in the past. Every small step and activity we undertake today, helps build trust with all our stakeholders and as a result, shapes our collective future. We believe trust is the foundation of all relationships, both in life and business. Hence, it is the foundation of everything we do.

Growing together with our customers

This year, we saw strong alignment with new launches across passenger, commercial, off-road, and electric segments of major OEMs. Customers trusted us with more platforms, and in return, we worked even harder to support their goals.

We co-developed several value-added solutions, including high-voltage harnesses and CCS2 assemblies. We strengthened our in-house capabilities to reduce lead times and improve flexibility. Across all our sites, we continued to digitise, automate, and optimise — not for efficiency alone, but to serve the OEMs better and faster.

Supporting alternate powertrains

The Indian automotive industry continues to evolve, and we are evolving with it to support the continued success of our customers. This year, passenger vehicles and two-wheelers saw steady growth. SUV sales continued to rise and now account for more

As customers trusted us with more platforms, we worked even harder to support their goals across vehicle segments.

than half of all car sales in India. Electric vehicles are also gaining traction, especially in the two-wheeler space. Government programmes such as the Production-Linked Incentive (PLI) scheme and FAME, are facilitating this transition, while the introduction of Bharat NCAP safety norms is encouraging OEMs to focus more on safety and performance. These developments indicate that the ecosystem is becoming stronger, more responsible, and better prepare for the future.

At MSWIL, we are committed to supporting our customers across all powertrain technologies. Today, we are proud to be the wiring harness partner for most of the new electric vehicle programmes in India.

That trust has been built over time, through consistent delivery and by showing that we are ready to grow with our customers. We have expanded our product portfolio across the EV value chain, positioning ourselves to support new platforms and mobility technologies.

Expanding our footprint — with purpose

We continued to grow our physical footprint this year, guided directly by customer needs. A new Greenfield facility in Pune was commissioned to meet growing demand. Another ramp-up is planned for the second quarter at Kharkhoda to support the upcoming launch of a customer facility.

We are proud to support most new EV programmes in India, built on trust and readiness to grow with our customers.

Each of these sites reflects our long-term relationships and shared growth. They are part of our commitment to follow our customers wherever they need us, so we can respond faster and are ready to take on more responsibility when they ask us to do so.

Made in India. For India.

At MSWIL, we remain deeply committed to the 'Make in India1 initiative. Our teams have steadily increased localisation, especially in areas that were once dependent on imports. Today, we develop and manufacture key components in-house.

This has only been possible because of the strength of our partnerships. Our integration with Samvardhana Motherson International and Sumitomo Wiring Systems give us the unique ability to combine global systems with local execution. One of our customers recognised this effort with an Atmanirbhar Excellence Award — a proud milestone for our teams.

As electric and alternate fuel systems grow, we are also sourcing more from within the Motherson ecosystem. This not only enhances our competitiveness, but ensures that our solutions remain integrated, cost-effective, and future-ready. Together, we are delivering solutions that are engineered in India, built in India, and made for India.

Delivering through discipline

This year, we placed even greater emphasis on process automation, standardisation, and digitalisation. These steps have helped us improve efficiency, reduce variability, and ensure consistency in how we work and deliver. Alongside this, we continued to invest in training and digital tools to up-skill our people and build an agile, future-ready workforce. Our teams across all locations have continued to build on lean initiatives and continuous Kaizen to improve productivity on the shop floor.

During the year, MSWIL received a record number of awards from customers and industry associations. We were ranked number one among 160 suppliers for Daily Work Management excellence. We received the Best Supplier Award and Overall Performance Award from the most admired OEMs we serve, for the sustained quality, delivery, and operational support.

These recognitions hold deep meaning for us. They reflect the day-to-day commitment of our people and their belief in doing things right, every time. They also remind us that while the fundamentals may seem simple, they are what ultimately build longterm trust.

Powered by people

Our people are the foundation of MSWIL's growth. Their commitment, ownership, and willingness to go the extra mile are what keep us moving forward. Every improvement we make, whether in quality, delivery, or cost, is the result of their effort and focus.

This year, we continued to invest in what matters most: safety, skilling, and engagement. Across our locations, we strengthened Quality Circles to build a culture of problem-solving. We introduced digital tools to reduce learning curves and support faster up-skilling. And we placed a strong focus on succession planning, as we believe that the best way to prepare for tomorrow is to grow from within.

These are not standalone efforts. They are part of how we build a capable and future-ready workforce that can support our customers as their needs evolve.

Looking ahead, with gratitude

None of this would be possible without the continued trust of our customers. We are grateful for the opportunities they provide, the responsibilities they place on us, and the confidence they show in our teams. Their trust drives us to keep raising the bar and do more every day.

We are equally thankful to our people. Their commitment, discipline, and willingness to go beyond expectations are what make it possible to deliver with consistency and care. Our progress reflects their passion, and we remain committed to growing with them.

With a strong operational foundation, a capable workforce, and deep partnerships across the value chain, MSWIL is well-positioned to support the next phase of India's mobility journey. We lookforward to continuing to serve as a trusted partner of choice, delivering reliable and future-ready solutions for our customers.

Thank you for being on this journey with us, and we look forward to the coming years with great excitement.