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Motherson Sumi Systems fiscal Q1 profit climbs 42.4% YOY

Motherson Sumi Systems Ltd. said its normalized net income for the fiscal first quarter ended June 30 was 1.84 Indian rupees per share, compared with the S&P Capital IQ consensus estimate of 2.03 rupees per share.

EPS rose 33.9% year over year from 1.38 rupees.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 3.88 billion rupees, an increase of 42.4% from 2.73 billion rupees in the prior-year period.

The normalized profit margin increased to 3.0% from 2.5% in the year-earlier period.

Total revenue grew 22.5% on an annual basis to 131.29 billion rupees from 107.14 billion rupees, and total operating expenses increased 22.1% year over year to 123.19 billion rupees from 100.92 billion rupees.

Reported net income increased 7.4% from the prior-year period to 2.78 billion rupees, or 1.32 rupees per share, from 2.59 billion rupees, or 1.31 rupees per share.

As of Aug. 10, US$1 was equivalent to 64.08 Indian rupees.