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Shivam Autotech fiscal Q4 profit falls YOY

Shivam Autotech Ltd. said its normalized net income for the fiscal fourth quarter ended March 31 was 28 Indian paise per share, a decrease of 42.1% from 49 paise per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 28.4 million rupees, a decline of 41.7% from 48.7 million rupees in the prior-year period.

The normalized profit margin dropped to 2.6% from 4.4% in the year-earlier period.

Total revenue declined on an annual basis to 1.09 billion rupees from 1.11 billion rupees, and total operating expenses came to 984.6 million rupees, compared with 990.1 million rupees in the year-earlier period.

Reported net income decreased 40.1% year over year to 36.8 million rupees, or 37 paise per share, from 61.6 million rupees, or 62 paise per share.

For the year, the company's normalized net income totaled 1.34 rupees per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 2.60 rupees.

EPS declined 40.3% from 2.25 rupees in the prior year.

Normalized net income was 134.3 million rupees, a decrease of 40.3% from 225.1 million rupees in the prior year.

Full-year total revenue decreased year over year to 4.24 billion rupees from 4.46 billion rupees, and total operating expenses declined on an annual basis to 3.81 billion rupees from 3.90 billion rupees.

The company said reported net income fell 31.7% year over year to 192.0 million rupees, or 1.92 rupees per share, in the full year, from 281.0 million rupees, or 2.81 rupees per share.

As of Aug. 12, US$1 was equivalent to 66.83 Indian rupees.