Motherson weathers COVID storm, production picked up in June 20 with stronger demand sighted for Quarter 2,High level of liquidity maintained.
Motherson Sumi Systems Limited (MSSL) today announced financial results for its fiscal 2020-21 first quarter, which ended on 30th June 2020.
Q1FY21 results are severely impacted by COVID 19 pandemic, hence results are not comparable with previous periods.
• Strong Demand sighted for Quarter2; Encouraged by consistent improvement at Greenfields plants of SMP
• Strong liquidity position, with focus on conserving cash
• Lenders to SMRP BV , company’s subsidiary unanimously consented to amend definitions under RCF, and Term loan facilities related to computation of Net Leverage covenant by excluding EBITDA performance of April – June 20 quarter till March 21
However, even though first quarter was a wash out, economies have started witnessing green shoots of recovery. Our teams and plants across the globe have also resumed operations and are working closely with our customers to fulfil their requirements. We now expect demand for the auto industry to gain momentum in the coming quarters of this fiscal year”