Motherson Sumi Systems gallops as most plants resume operations

Motherson Sumi Systems jumped 4.67% to Rs 81.85 after the company informed majority of its plants are operational again globally.

Motherson Sumi Systems (MSSL) on 29 April 2020 announced that more than 80 out of 152 of its manufacturing facilities across the world are now in operations. While 30% of them are now running at more than 80% capacities, rest of them are now running at up to 50% capacities and slowly and steadily gearing up.

The company said that it has obtained necessary approvals from the concerned authorities in respective regionsin relation with the plant operations. Additionally, rest of the plants are being prepared to be in ready state as per post-Covid requirements and once the permissions are obtained, these plants too will start operating.

The company also added that all the necessary precautions are being taken by the teams in adherence with the post COVID 19 guidelines issued by various governments. The company said its teams across the globe are working closely with the governments and local administrationsto ensure smooth functioning of the facilities.

On 22 March 2020, the company announced temporary closure of manufacturing facilities and offices in the wake of COVID-19 outbreak.

MSSL's consolidate net profit slumped 30.47% to Rs 270.51 crore on a 4.91% fall in net sales to Rs 15,436.46 crore in Q3 December 2019 over Q3 December 2018.

MSSL is one of the world's leading specialized automotive component manufacturing companies for OEMs.

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