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Motherson Sumi Systems profit misses consensus by 28.6% in fiscal Q1

Motherson Sumi Systems Ltd. said its normalized net income for the fiscal first quarter ended June 30 came to 97 Indian paise per share, compared with the S&P Capital IQ consensus estimate of 1.36 rupees per share.

EPS increased 99.3% year over year from 49 paise.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 1.93 billion rupees, a gain of 98.1% from 973.6 million rupees in the prior-year period.

The normalized profit margin climbed to 2.3% from 1.4% in the year-earlier period.

Total revenue rose 18.3% year over year to 82.96 billion rupees from 70.13 billion rupees, and total operating expenses grew 18.4% year over year to 77.88 billion rupees from 65.76 billion rupees.

Reported net income grew 123.7% year over year to 1.64 billion rupees, or 83 paise per share, from 732.0 million rupees, or 37 paise per share.

As of Aug. 12, US$1 was equivalent to 61.08 Indian rupees.