Mumbai – 12th Feb 2021 – Motherson Sumi Systems Ltd. (MSSL) today announced financial results for its fiscal 2020-21 third quarter, which ended on 31st December 2020.
Financial Highlights
Consolidated
- Highest ever quarterly revenues of Rs. 17,923 crores, up by 15%
- Quarterly PAT of Rs. 798 crores, up by 194%.
- Quarterly EBITDA, up by 56%.
Standalone
- Robust performance on Standalone level as well, with 27% growth in revenues and 49% growth in PAT.
SMRP BV
- Impressive performance at SMRP BV level, both SMR & SMP registered revenue & EBITDA growth.
Debt
- With strong operating cash flows, net debt lowest compared to previous fourteen quarters.
- Gross levels are also reduced to optimize finance cost.
Operational Highlights
- Operations have normalised, with most facilities running at pre-covid levels.
- Indications of positive consumer sentiments reflected by increased demand globally.
- Sustained improvements in performance of Greenfield plants with a continued focus on cost reduction and efficiency improvements.
Other Highlights
- Filing of petition for reorganisation with NCLT done in December 2020 and hearing has been scheduled for mid-February 2021.
- Industry outlook – OEMs continue to work with suppliers, given challenges in supply of certain critical components.
Commenting on the results, Mr Vivek Chaand Sehgal, Chairman, Motherson Sumi Systems Ltd said, “Our global teams have put in tremendous efforts in challenging conditions to ensure uninterrupted supplies to our customers. These quarterly numbers are reflection of their hard work as well the trust of our customers on Motherson. With the rollout of COVID vaccine in different parts of the world, we are optimistic that the demand and positive sentiments will improve in the upcoming quarters.”
About Motherson Sumi Systems Limited
Motherson Sumi Systems Limited (MSSL) is one of the world’s leading specialised automotive component manufacturing companies for OEMs. MSSL was established in 1986 as a joint venture with Sumitomo Wiring Systems and was listed in 1993 on BSE and NSE in India. MSSL is a focused, dynamic and progressive company providing customers with innovative and value-added products, services, and solutions. With a diverse global customer base of nearly all leading automobile manufacturers globally, the company has a presence in 41 countries across five continents. MSSL is currently the largest auto ancillary in India and among the Fab 50 companies of India by Forbes magazine. MSSL is the flagship company of the Motherson Group, ranked 22nd among global automotive suppliers by Automotive News. For more details, please visit www.motherson.com (CIN – L34300MH1986PLC284510).
Note – All percentages are calculated based on reported numbers with corresponding previous period reported number. All comparisons are with the same period last year and all numbers in the press statement are consolidated unless stated otherwise.
