Published on 13/02/2018 2:18:22 PM | Source: Reuters

Motherson Sumi Systems third-quarter profit drops 12 percent, lags expectations

Auto parts maker Motherson Sumi Systems Ltd  reported a 12 percent drop in quarterly net profit and missed expectations, hurt by higher expenses.

Net profit attributable to owners fell to 3.65 billion rupees ($56.79 million) in the three months ended Dec. 31, 2017, from 4.16 billion rupees a year earlier, the flagship company of the Samvardhana Motherson Group said in a statement on Tuesday. 

That compared with an average estimate of 5.32 billion rupees in net profit drawn from 15 analysts polled by Thomson Reuters I/B/E/S.

Total expenses rose 35 percent to 136.35 billion rupees.

($1 = 64.2700 Indian rupees)

(Reporting by Vishal Sridhar in Bengaluru; Editing by Subhranshu Sahu)