August 7, 2018 / 7:20 AM / 2 months ago

Motherson Sumi first-quarter net profit misses estimates

(Reuters) - Indian auto parts maker Motherson Sumi Systems Ltd’s net profit jumped about 59 percent in the first quarter but fell short of analysts’ expectations, hurt by higher expenses.

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

Net profit here was 4.43 billion rupees ($64.44 million) in the quarter ended June 30, compared with a profit of 2.78 billion rupees a year earlier.

Analysts, on average, had expected a net profit of 5.43 billion rupees, according to Thomson Reuters I/B/E/S estimates.

Total revenue from operations grew 11 percent to 147.75 billion rupees.

($1 = 68.7450 Indian rupees)

Reporting by Sharnya G in Bengaluru; Editing by Subhranshu Sahu

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