Motherson Sumi Wiring India's quarterly profit falls on higher costs
The company, which sells wiring harness solutions to carmakers including Maruti Suzuki (MRTI.NS), opens new tab and Tata Motors (TAMO.NS), opens new tab, said its profit fell 14% to 1.65 billion rupees ($19.3 million) in the quarter ended March 31.
Its total revenue from operations grew 12% to 25.1 billion rupees.
For further results highlights, (click here).
The company, which counts copper as its key raw material, said costs remained elevated in the January-to-March period. Its input costs rose 12% to 15.93 billion rupees in the three months.
Motherson Sumi is setting up greenfield plants to serve its auto industry clients, with the plants at different stages of completion. The expansion plans had a 230 million rupee impact on the company's profit after tax during the March quarter, as per its investor presentation.
Last month, peer Exide Industries (EXID.NS), opens new tab posted a smaller-than-expected quarterly profit due to high input costs and sluggish automotive demand.
PEER COMPARISON
* The mean of analyst ratings standardised to a scale of Strong Buy, Buy, Hold, Sell, and Strong Sell
** The ratio of the stock's last close to analysts' mean price target; a ratio above 1 means the stock is trading above the PT
JANUARY-MARCH STOCK PERFORMANCE
-- All data from LSEG
-- $1 = 85.4200 rupees
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