Euro depreciation won't dent profits: Motherson Sumi

Despite 50 percent of its revenues coming from Europe, Motherson Sumi's Chairman Vivek Chaand Sehgal is confident that there is not going to be any impact on the company's P/L (profit and loss statement) due to euro depreciation.The euro plummeted following the Italian Prime Minister Matteo Renzi's defeat in the Italian referendum. Sehgal says the company both buys raw materials and sells the finished goods in euro and may not be affected by a weaker euro. He adds that Motherson Sumi may instead benefit when cars are exported out of Europe.The demonetisation pain may last in the economy for a few weeks, says Sehgal. The company only deals in OEM (Original Equipment Manufacturer) products and has no cash business, so Sehgal feels the cash ban effect will be minimum on the company.Watch video for more...