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Arrow Textiles profit misses consensus by 37.6% in fiscal Q4

Arrow Textiles Ltd. said its normalized net income for the fiscal fourth quarter ended March 31 amounted to 66 Indian paise per share, compared with the S&P Capital IQ consensus estimate of 1.06 rupees per share.

EPS decreased 15.8% year over year from 79 paise.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 12.6 million rupees, a decrease of 15.6% from 14.9 million rupees in the year-earlier period.

The normalized profit margin declined to 9.8% from 12.6% in the year-earlier period.

Total revenue rose 8.3% on an annual basis to 128.1 million rupees from 118.3 million rupees, and total operating expenses rose 18.4% from the prior-year period to 103.4 million rupees from 87.3 million rupees.

Reported net income fell 18.2% year over year to 13.3 million rupees, or 70 paise per share, from 16.2 million rupees, or 85 paise per share.

For the year, the company's normalized net income totaled 2.29 rupees per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 2.85 rupees.

EPS rose 31.6% from 1.74 rupees in the prior year.

Normalized net income was 43.6 million rupees, an increase of 31.6% from 33.1 million rupees in the prior year.

Full-year total revenue rose 14.3% year over year to 479.0 million rupees from 419.0 million rupees, and total operating expenses increased 12.5% on an annual basis to 397.0 million rupees from 352.8 million rupees.

The company said reported net income rose 31.9% year over year to 47.2 million rupees, or 2.48 rupees per share, in the full year, from 35.8 million rupees, or 1.88 rupees per share.

As of Aug. 11, US$1 was equivalent to 64.36 Indian rupees.