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Motherson Sumi Systems profit misses consensus by 29.9% in fiscal Q2

Motherson Sumi Systems Ltd. said its normalized net income for the fiscal second quarter ended Sept. 30 came to 1.72 Indian rupees per share, compared with the S&P Capital IQ consensus estimate of 2.45 rupees per share.

EPS increased 10.4% year over year from 1.56 rupees.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 3.63 billion rupees, a gain of 16.0% from 3.13 billion rupees in the year-earlier period.

The normalized profit margin dropped to 2.7% from 3.1% in the year-earlier period.

Total revenue rose 32.5% on an annual basis to 134.31 billion rupees from 101.37 billion rupees, and total operating expenses climbed 33.8% from the prior-year period to 125.78 billion rupees from 94.04 billion rupees.

Reported net income rose 20.8% from the prior-year period to 4.36 billion rupees, or 2.07 rupees per share, from 3.61 billion rupees, or 1.80 rupees per share.

As of Nov. 10, US$1 was equivalent to 65.16 Indian rupees.