Motherson Sumi’s Chairman Says Autos Will Spring A Surprise After Covid-19
The automobile sector is likely to spring a surprise and perform beyond expectations after the Covid-19 pandemic, according to the chairman of automotive components manufacturer Motherson Sumi Systems Ltd.
“The definition of personal mobility has changed dramatically.” Vivek Chaand Sehgal, the company’s chairman, told BloombergQuint in an interview. “Once people have the confidence to go out, they will make a beeline for buying cars, bikes, or any personal mobility. Your car or bike is the safest personal vehicle to travel and to commute.”
Upfront infusion of funds in public sectors will help drive demand in the auto sector, Sehgal said. Globally and locally, governments and central banks have boosted liquidity and offered fiscal stimulus, putting money in the hands of citizens. He expects people to use this money to protect themselves.
Motherson Sumi Q1 Results: Key Highlights (Year-on-Year)
- Revenue down by 49.4% at Rs Rs 8,503.9 crore
- Net loss at Rs 810.5 crore versus Net Profit of Rs 331.6 crore
- Ebitda loss of Rs 630 crore versus Ebitda gain of Rs 1,254.9 crore