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Apollo Tyres fiscal Q1 profit climbs 30.3% YOY

Apollo Tyres Ltd. said its normalized net income for the fiscal first quarter ended June 30 came to 3.76 Indian rupees per share, compared with the S&P Capital IQ consensus estimate of 4.30 rupees per share.

EPS rose 29.8% year over year from 2.89 rupees.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 1.90 billion rupees, an increase of 30.3% from 1.46 billion rupees in the prior-year period.

The normalized profit margin rose to 5.9% from 4.6% in the year-earlier period.

Total revenue climbed on an annual basis to 32.35 billion rupees from 31.90 billion rupees, and total operating expenses came to 29.07 billion rupees, compared with 28.95 billion rupees in the prior-year period.

Reported net income rose 37.4% on an annual basis to 2.28 billion rupees, or 4.50 rupees per share, from 1.66 billion rupees, or 3.29 rupees per share.

As of Aug. 6, US$1 was equivalent to 61.34 Indian rupees.