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Vardhman Textiles fiscal Q4 profit falls YOY

Vardhman Textiles Ltd. said its normalized net income for the fiscal fourth quarter ended March 31 amounted to 4.97 Indian rupees per share, a decline of 63.6% from 13.66 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 291.9 million rupees, a decrease of 64.4% from 819.0 million rupees in the prior-year period.

The normalized profit margin fell to 1.9% from 5.6% in the year-earlier period.

Total revenue rose 5.2% year over year to 15.49 billion rupees from 14.72 billion rupees, and total operating expenses grew 28.8% from the prior-year period to 14.20 billion rupees from 11.02 billion rupees.

Reported net income declined 27.6% on an annual basis to 750.4 million rupees, or 12.76 rupees per share, from 1.04 billion rupees, or 17.28 rupees per share.

For the year, the company's normalized net income totaled 49.00 rupees per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 70.90 rupees.

EPS declined 47.6% from 93.50 rupees in the prior year.

Normalized net income was 3.06 billion rupees, a fall of 47.6% from 5.85 billion rupees in the prior year.

Full-year total revenue increased 10.0% year over year to 67.86 billion rupees from 61.66 billion rupees, and total operating expenses grew 24.5% year over year to 62.13 billion rupees from 49.92 billion rupees.

The company said reported net income decreased 44.3% on an annual basis to 4.00 billion rupees, or 64.02 rupees per share, in the full year, from 7.18 billion rupees, or 114.90 rupees per share.

As of Aug. 5, US$1 was equivalent to 63.80 Indian rupees.