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Wheels India fiscal Q1 profit climbs 18.2% YOY

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Wheels India fiscal Q1 profit climbs 18.2% YOY

Wheels India Ltd. said its normalized net income for the fiscal first quarter ended June 30 amounted to 5.85 Indian rupees per share, a decline from 6.04 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 70.4 million rupees, an increase of 18.2% from 59.6 million rupees in the year-earlier period.

The normalized profit margin climbed to 1.4% from 1.3% in the year-earlier period.

Total revenue increased 8.6% on an annual basis to 4.89 billion rupees from 4.50 billion rupees, and total operating expenses rose 7.8% year over year to 4.64 billion rupees from 4.31 billion rupees.

Reported net income rose 15.2% from the prior-year period to 78.1 million rupees, or 6.49 rupees per share, from 67.8 million rupees, or 6.87 rupees per share.

As of July 31, US$1 was equivalent to 60.88 Indian rupees.