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Motherson Sumi Q4 net profit rises 22%, beats estimates

Reuters     May 17, 2016

Motherson Sumi Systems, India's biggest auto parts maker, on Tuesday reported a forecast-beating 22 per cent rise in fourth-quarter net profit, helped by higher sales.

Shares of Motherson soared more than 8 per cent after the company said consolidated net profit rose to Rs 414 crore ($62.1 million) from Rs 340 crore a year earlier and revenue rose 8 per cent to Rs 10,070 crore.

Analysts, on average, expected the company to post a net profit of Rs 348 crore, Thomson Reuters data showed.

Motherson Sumi, that makes wiring harnesses, rear view mirrors and components like bumpers and dashboards, is valued by the market at $5 billion.

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