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Rane (Madras) fiscal Q1 profit falls 15.5% YOY

Rane (Madras) Ltd. said its normalized net income for the fiscal first quarter ended June 30 amounted to 2.85 Indian rupees per share, compared with the S&P Capital IQ consensus estimate of 3.01 rupees per share.

EPS decreased 22.0% year over year from 3.65 rupees.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 31.4 million rupees, a decline of 15.5% from 37.1 million rupees in the prior-year period.

The normalized profit margin fell to 1.8% from 2.4% in the year-earlier period.

Total revenue climbed 12.7% year over year to 1.71 billion rupees from 1.52 billion rupees, and total operating expenses climbed 13.0% from the prior-year period to 1.63 billion rupees from 1.44 billion rupees.

Reported net income came to 36.1 million rupees, or 3.28 rupees per share, compared to a loss of 27.7 million rupees, or a loss of 2.72 rupees per share, in the prior-year period.

As of July 31, US$1 was equivalent to 60.88 Indian rupees.