Motherson Sumi Slumps as Margins Contract
Motherson Sumi Systems Ltd. slumped as its June quarter revenue performance missed analyst estimates and margins contracted.
Net revenue rose 16.11 percent to Rs 10,352.3 crore, compared to Rs 8,915 crore in the April to June period last year, according to the company's filing on the exchanges. The consensus estimate of analysts tracked by Bloomberg stood at Rs 10,784 crore.
Earnings before interest, taxes, depreciation and amortisation rose 16.5 percent to Rs 928.2 crore, falling short of analysts' expectation of Rs 1,069 crore. EBITDA margin contracted to 8.8 percent from 9 percent in the same quarter last year.
Net profit increased 15.8 percent to Rs 439.4 crore, from the same period last year. That beat analyst estimates of Rs 352.6 crore.
The company's shares fell as much as 5 percent to Rs 335 post the announcement of earnings.
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