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Igarashi Motors India profit misses consensus by 42.9% in fiscal Q1

Igarashi Motors India Ltd said its normalized net income for the fiscal first quarter ended June 30 was 2.53 Indian rupees per share, compared with the S&P Capital IQ consensus estimate of 4.44 rupees per share.

EPS decreased 23.3% year over year from 3.30 rupees.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 77.3 million rupees, an increase of 12.7% from 68.6 million rupees in the year-earlier period.

The normalized profit margin rose to 8.6% from 7.8% in the year-earlier period.

Total revenue increased on an annual basis to 900.7 million rupees from 876.5 million rupees, and total operating expenses increased 8.7% from the prior-year period to 801.4 million rupees from 737.5 million rupees.

Reported net income grew 15.7% year over year to 101.7 million rupees, or 3.33 rupees per share, from 87.9 million rupees, or 4.23 rupees per share.

As of July 30, US$1 was equivalent to 60.35 Indian rupees.