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Bharat Seats profit misses consensus by 52.2% in fiscal Q1

Bharat Seats Ltd said its normalized net income for the fiscal first quarter ended June 30 amounted to 31 Indian paise per share, compared with the S&P Capital IQ consensus estimate of 64 paise per share.

EPS decreased 18.2% year over year from 37 paise.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 9.5 million rupees, a decrease of 19.3% from 11.8 million rupees in the prior-year period.

The normalized profit margin declined to 0.6% from 0.8% in the year-earlier period.

Total revenue increased 10.1% year over year to 1.68 billion rupees from 1.53 billion rupees, and total operating expenses increased 10.8% year over year to 1.65 billion rupees from 1.49 billion rupees.

Reported net income declined 27.2% from the prior-year period to 9.7 million rupees, or 31 paise per share, from 13.3 million rupees, or 42 paise per share.

As of July 17, US$1 was equivalent to 63.45 Indian rupees.