Motherson Sumi second-quarter profit falls on higher expenses
(Reuters) – Indian auto parts maker Motherson Sumi Systems Ltd posted a 14.9 percent fall in second-quarter profit hurt by higher expenses, well below analysts’ estimates.
Net profit fell to 3.71 billion rupees ($ 51.46 million) in the second quarter that ended Sept. 30, from 4.36 billion rupees a year earlier, the company said.
Analysts on average had expected a profit of 4.83 billion rupees, according to IBES data from Refinitiv.
Total revenue from operations increased 12.6 percent to 151.05 billion rupees and gross sales outside India, which account for most of the company’s sales, rose 11.3 percent to 128.75 billion rupees.
Total expenses rose 13.9 percent to 144.24 billion rupees.
