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ZF Steering Gear profit beats consensus by 29.3% in fiscal Q2

ZF Steering Gear (India) Ltd said its normalized net income for the fiscal second quarter ended Sept. 30 came to 12.41 Indian rupees per share, compared with the S&P Capital IQ consensus estimate of 9.60 rupees per share.

EPS climbed 68.2% year over year from 7.38 rupees.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 112.6 million rupees, a gain of 68.2% from 67.0 million rupees in the year-earlier period.

The normalized profit margin increased to 11.7% from 8.1% in the year-earlier period.

Total revenue grew 17.1% year over year to 966.6 million rupees from 825.4 million rupees, and total operating expenses rose 9.0% year over year to 806.2 million rupees from 739.5 million rupees.

Reported net income grew 71.4% on an annual basis to 135.7 million rupees, or 14.95 rupees per share, from 79.1 million rupees, or 8.72 rupees per share.

As of Nov. 4, US$1 was equivalent to 65.45 Indian rupees.