Motherson Sumi Systems Limited (MSSL) today announced financial results for its fiscal 2020-21 fourth quarter and financial year, which ended on 31st March 2021.
Financial Highlights
Consolidated
• Quarterly revenues of Rs. 17,844 crores, up by 19%
• Quarterly PAT of Rs. 714 crores, up by 290%.
• Quarterly EBITDA, up by 44%
Standalone
• Robust performance on Standalone level as well, with 33% growth in revenues and 38% growth in EBITDA
SMRP BV
• Margin improvement largely sustained on QoQ basis
Debt
• Improved profitability and realization of engineering revenues helped free cash generation, leading to
“Lowest Ever” Debt / EBITDA
• Moody’s upgraded outlook while maintaining rating at Ba1
Dividend
• The board recommends a dividend of Rs. 1.50 per share i.e pay out of 45.6 % of consolidated PAT
Operational Highlights
• Consolidated revenues in Q4FY21 more than pre-COVID levels as industrial activity picked up globally
• Despite multiple headwinds such as chip shortage, higher commodity costs etc. the company sustained profitability
Other Highlights
• Shareholder approval for reorganization received with overwhelming majority. Second motion petition filed with NCLT
• Successfully completed two acquisitions (75% in Plast Met in Turkey and assets of Bombardier rolling stock in Mexico) in Apr-21
Industry Update
• Production shutdowns (India) and semi-conductor shortages globally likely to be headwinds for OEM production in the near term
Commenting on results, Mr Vivek Chaand Sehgal, Chairman, Motherson Sumi Systems Ltd said,
“It is with great sorrow that we pay tribute to all employees and their family members who have lost their lives due to COVID-19. We mourn the loss of Mr. S C Tripathi, our independent director and chairman of the audit committee, who recently passed away due to the pandemic. We as a Motherson family are united in the testing times and are fully committed to ensure safety of all our employees.
We appreciate the overwhelming support from shareholders with regards to the group re-organisation. It reinforces our belief in the merits of the reorganisation scheme. The Q4 and FY21 results are reflection of the tremendous hard work that our teams have put in globally despite multiple challenges and sets the tone for us to achieve our stated Vision 2025 targets.”
*At SMRP BV level
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.
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.
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