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Motherson Sumi Q1 results: Loss stands at Rs 810 crore, revenue dips 49%

Motherson Sumi on Tuesday reported a consolidated net loss of Rs 810.5 crore in April-June quarter of fiscal 2020-21

twitter-logoBusinessToday.In | August 11, 2020 | Updated 13:50 IST
Motherson Sumi Q1 results: Loss stands at Rs 810 crore, revenue dips 49%
Motherson Sumi sees strong demand in the second quarter of the ongoing fiscal

Motherson Sumi on Tuesday reported a consolidated net loss of Rs 810.5 crore in April-June quarter of fiscal 2020-21 as against a profit of Rs 331.5 crore in the corresponding period of last year. The auto ancillary major posted a 49.4 per cent drop in total revenue from operations in Q1FY21 at Rs 8,503.89 crore as opposed to Rs 16,792.53 crore in Q1FY20, Motherson Sumi said in an exchange filing.

Even as Q1 was severely impacted due to the COVID-19 pandemic, the company has a strong focus on conserving cash with a good liquidity position, Motherson Sumi said. The auto ancillary major sees strong demand in the second quarter of the ongoing fiscal.

"The Group's operations and consolidated financial results for the quarter ended June 30,2020 have been adversely impacted by the outbreak of COVID-19 pandemic and the consequent lockdown announced by governments in many of the jurisdictions, the Group operates,due to which the operations were suspended for a large part of the quarter and resumed only gradually with prescribed regulations and precautions.The Group has been taking several measures to address the operational challenges including availing of benefits under the various government support schemes announced in the respective countries," the company said.

The company also posted a loss of Rs 630 crore in earnings before interest, taxes, depreciation, and amortisation (EBITDA) for the quarter under review compared to a profit of Rs 1,255 crore in the same quarter last year.

Shares of Motherson Sumi were trading at Rs 105.25, up 0.35 points, or 0.33 per cent on NSE at the time of reporting.

Also read: Coronavirus update: India records 53,601 new cases in 24 hours, death toll reaches 45,257

Also read: 23% migrant workers walked back to villages during coronavirus lockdown

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