Q1 Results: Motherson Sumi’s Profit Rises The Most In Nearly Three Years
Motherson Sumi Systems Ltd.’s quarterly profit rose the most in nearly three years but failed to top estimates.
Net profit during the April-June period increased 59 percent from the year-ago period to Rs 443 crore, the auto components maker said in its exchange filing. That compares with Rs 501 crore consensus estimate of analysts tracked by Bloomberg.
The company’s revenue increased 13 percent to Rs 14,775 crore, compared with Rs 15,790 crore estimated.
The operating income or earnings before interest tax, depreciation and amortisation rose 24 percent to Rs 1,412 crore. The operating margins during the period expanded to 9.6 percent from 8.7 percent a year ago.
The company completed the acquisition of interior components and modules manufacturer Reydel Automotive, it said in another exchange notification. The company's global presence spans 20 plants and 16 countries, and is supported by a workforce of around 5,500 associates. “This acquisition brings more opportunities to us and we will continue to explore new areas in which we can bring value to our customers,” Motherson Sumi Systems’ Chairman Vivek Chaand Sehgal said in the press release.
Shares of Motherson Sumi Systems fell as much as 3.7 percent to Rs 302.60 apiece after the announcement of the results.