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Wheels India fiscal Q4 profit falls YOY

Wheels India Ltd. said its normalized net income for the fiscal fourth quarter ended March 31 was 3.75 Indian rupees per share, a decrease of 36.0% from 5.85 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 45.1 million rupees, a decrease of 27.9% from 62.5 million rupees in the prior-year period.

The normalized profit margin fell to 0.9% from 1.3% in the year-earlier period.

Total revenue grew year over year to 4.99 billion rupees from 4.85 billion rupees, and total operating expenses rose on an annual basis to 4.75 billion rupees from 4.54 billion rupees.

Reported net income declined 23.0% on an annual basis to 67.6 million rupees, or 5.62 rupees per share, from 87.8 million rupees, or 8.22 rupees per share.

For the year, the company's normalized net income totaled 21.13 rupees per share, a decrease of 8.1% from 23.00 rupees per share in the prior year.

Normalized net income was 254.2 million rupees, a rise of 5.3% from 241.4 million rupees in the prior year.

Full-year total revenue increased 8.6% year over year to 19.80 billion rupees from 18.23 billion rupees, and total operating expenses rose 8.8% year over year to 18.81 billion rupees from 17.29 billion rupees.

The company said reported net income rose on an annual basis to 297.4 million rupees, or 24.72 rupees per share, in the full year, from 284.1 million rupees, or 27.06 rupees per share.

As of July 14, US$1 was equivalent to 63.34 Indian rupees.