Tier one supplier Motherson Sumi Systems (MSSL) reported its Q3 FY2020 consolidated financial result, with revenue at Rs 15,436 crore, down 5% compared to same quarter last year (Q3 FY2019 Rev: Rs 16,234), profit after tax (PAT) too slipped 30 percent year-on-year to Rs 271 crore (Q3 FY2019 PAT: 389).
The company says despite challenging global conditions, the revenue surpassed the Rs 15,000 crore mark for the fifth consecutive quarter. The tier one supplier's India operations saw stable growth on the back of improvement in operational efficiencies. The domestic market contributed around Rs 1,599 crore in the total revenue, which was lower by 8 percent year-on-year compared to Rs 1,740 crore for the same quarter last year.
Commenting on results, Vivek Chaand Sehgal, chairman, MSSL said "These results reflect the efforts of the team to ‘breathe with the market’. We have intensified our focus on the areas we control. We continue to strengthen our operations at the unit level around the world and bring our greenfield plants to optimum levels. Thanks to the great spirit and efforts of our teams, we are able to support the OEMs in navigating through challenging conditions in certain markets and also in managing our cash flows wisely.”