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Motherson Sumi Systems profit misses consensus by 21.1% in fiscal Q1

Motherson Sumi Systems Ltd. said its normalized net income for the fiscal first quarter ended June 30 amounted to 1.38 Indian rupees per share, compared with the S&P Capital IQ consensus estimate of 1.74 rupees per share.

EPS increased 17.6% year over year from 1.17 rupees.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 2.73 billion rupees, an increase of 17.3% from 2.32 billion rupees in the prior-year period.

The normalized profit margin rose to 2.5% from 2.5% in the year-earlier period.

Total revenue climbed 15.8% on an annual basis to 107.14 billion rupees from 92.52 billion rupees, and total operating expenses climbed 16.7% from the prior-year period to 100.92 billion rupees from 86.48 billion rupees.

Reported net income declined year over year to 2.59 billion rupees, or 1.31 rupees per share, from 2.66 billion rupees, or 1.34 rupees per share.

As of Sept. 8, US$1 was equivalent to 66.45 Indian rupees.