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Motherson Sumi Wiring India, which is focused on the auto industry, reported a near 17% drop in third-quarter profit on Thursday, as the cost of expansion weighed on profitability.
The company, whose clients include Maruti Suzuki and Tata Motors, said its profit fell to 1.40 billion rupees (about $16 million) in the quarter from 1.68 billion rupees a year earlier.
It posted a near 9% on-year rise in total revenue from operations to 23 billion rupees.
KEY CONTEXT
The company is setting up three greenfield plants for production of products for Maruti Suzuki, Mahindra and Mahindra and Tata Motors. The plants are in different stages of completion or ramping up.
Motherson Sumi's profit saw a 320 million rupee impact due to the expansions during the December quarter, according to the investor presentation.
Indian battery maker Exide Industries missed third-quarter profit estimates, hurt by sluggish vehicle sales.
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