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Ceat fiscal Q1 profit falls YOY

Ceat Ltd. said its normalized net income for the fiscal first quarter ended June 30 came to 13.96 Indian rupees per share, a decrease of 20.2% from 17.49 rupees per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 501.9 million rupees, a decrease of 17.8% from 610.8 million rupees in the prior-year period.

The normalized profit margin fell to 3.5% from 4.6% in the year-earlier period.

Total revenue grew 10.3% year over year to 14.53 billion rupees from 13.17 billion rupees, and total operating expenses grew 13.7% on an annual basis to 13.38 billion rupees from 11.77 billion rupees.

Reported net income declined 20.9% on an annual basis to 516.6 million rupees, or 14.37 rupees per share, from 653.2 million rupees, or 18.71 rupees per share.

As of July 22, US$1 was equivalent to 60.17 Indian rupees.