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Porwal Auto Components fiscal Q4 profit climbs YOY

Porwal Auto Components Ltd. said its normalized net income for the fiscal fourth quarter ended March 31 came to 49 Indian paise per share, a gain from 6 paise per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 7.5 million rupees, an increase from 859,300 rupees in the year-earlier period.

The normalized profit margin increased to 3.4% from 0.6% in the year-earlier period.

Total revenue climbed 59.7% year over year to 218.9 million rupees from 137.1 million rupees, and total operating expenses climbed 49.6% year over year to 204.7 million rupees from 136.8 million rupees.

Reported net income rose 55.9% year over year to 5.8 million rupees, or 38 paise per share, from 3.7 million rupees, or 25 paise per share.

For the year, the company's normalized net income totaled 72 paise per share, compared with a loss of 34 paise per share in the prior year.

Normalized net income was 10.9 million rupees, compared with a loss of 5.2 million rupees in the prior year.

Full-year total revenue increased 52.9% on an annual basis to 725.6 million rupees from 474.4 million rupees, and total operating expenses increased 43.9% on an annual basis to 692.1 million rupees from 480.9 million rupees.

The company said reported net income totaled 11.2 million rupees, or 74 paise per share, in the full year, compared with a loss of 6.0 million rupees, or a loss of 39 paise per share, the prior year.

As of Aug. 10, US$1 was equivalent to 63.80 Indian rupees.