REUTERS - 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. https://bsmedia.business-standard.combit.ly/2HbkRuX
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)
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(Reporting by Vishal Sridhar in Bengaluru; Editing by Subhranshu Sahu)