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JK Tyre & Industries fiscal Q1 profit falls YOY

JK Tyre & Industries Ltd. said its normalized net income for the fiscal first quarter ended June 30 amounted to 2.58 Indian rupees per share, a decrease of 34.5% from 3.94 rupees per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 551.8 million rupees, a decline of 31.8% from 808.9 million rupees in the year-earlier period.

The normalized profit margin declined to 3.0% from 4.3% in the year-earlier period.

Total revenue came to 18.54 billion rupees, compared with 18.67 billion rupees in the year-earlier period, and total operating expenses grew on an annual basis to 17.01 billion rupees from 16.75 billion rupees.

Reported net income came to 554.4 million rupees, or 2.59 rupees per share, compared to 552.6 million rupees, or 2.69 rupees per share, in the prior-year period.

As of Aug. 12, US$1 was equivalent to 61.08 Indian rupees.