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Motherson Sumi first-quarter profit falls 21 percent, misses estimates
August 10, 2017 / 6:38 AM / a month ago

Motherson Sumi first-quarter profit falls 21 percent, misses estimates

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

REUTERS - Auto parts maker Motherson Sumi Systems Ltd reported a 21 percent fall in quarterly profit, missing analyst estimates.

Profit fell to 3.47 billion rupees ($54.27 million) in its first quarter ended June 30, from 4.39 billion rupees a year earlier, the company said on Thursday (bit.ly/2ftV2wI).

Net sales outside India rose 25.5 percent to 113.70 billion rupees, while total expenses were up 26 percent.

Analysts had on average expected the company to post a profit of 4.76 billion rupees, according to Thomson Reuters data.

($1 = 63.9375 Indian rupees)

Reporting by Vishal Sridhar in Bengaluru

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