November 14, 2018 / 6:37 AM / in 3 months

Motherson Sumi second-quarter profit falls on higher expenses

Employees of Motherson Sumi Systems Ltd, 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/File Photo

(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.

($1 = 72.0925 Indian rupees)

Reporting by Rama Venkat in Bengaluru; Editing by Rashmi Aich

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