February 11, 2019 / 7:06 AM / 5 days ago

Motherson Sumi Systems quarterly profit rises 6.7 percent, but lags estimates

Employees of Motherson Sumi Systems Limited, work on a car wiring assembly line inside a factory in Noida, New Delhi, April 28, 2016. REUTERS/Anindito Mukherjee/File Photo

(Reuters) - Indian auto parts maker Motherson Sumi Systems Ltd posted a 6.7 percent rise in third-quarter profit on Monday, helped by a strong order book.

Net profit for the quarter ended Dec. 31, 2018 was 3.89 billion rupees ($54.65 million), compared with 3.64 billion rupees a year earlier, the Noida-headquartered company said bit.ly/2WViq7R.

The net profit figure missed analysts’ average estimate of a profit of 4.53 billion rupees, according to Refinitiv Eikon data.

Gross sales in the quarter rose 13.7 percent to 162.34 billion rupees.

Reporting by Chandini Monnappa in Bengaluru; Editing by Subhranshu Sahu

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