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Apollo Tyres profit misses consensus by 28.4% in fiscal Q3

Apollo Tyres Ltd. said its normalized net income for the fiscal third quarter ended Dec. 31, 2014, came to 4.47 Indian rupees per share, compared with the S&P Capital IQ consensus estimate of 6.24 rupees per share.

EPS decreased 17.7% year over year from 5.43 rupees.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 2.27 billion rupees, a decrease of 17.1% from 2.74 billion rupees in the year-earlier period.

The normalized profit margin declined to 7.3% from 7.9% in the year-earlier period.

Total revenue declined 11.0% on an annual basis to 30.92 billion rupees from 34.75 billion rupees, and total operating expenses decreased 10.6% on an annual basis to 26.94 billion rupees from 30.13 billion rupees.

Reported net income fell 45.5% year over year to 1.84 billion rupees, or 3.63 rupees per share, from 3.38 billion rupees, or 6.71 rupees per share.

As of Feb. 6, US$1 was equivalent to 61.94 Indian rupees.