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Ceat profit beats consensus by 20.6% in fiscal Q2

Ceat Ltd. said its normalized net income for the fiscal second quarter ended Sept. 30 was 21.78 Indian rupees per share, compared with the S&P Capital IQ consensus estimate of 18.06 rupees per share.

EPS increased 9.4% year over year from 19.91 rupees.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 783.1 million rupees, an increase of 10.2% from 710.5 million rupees in the year-earlier period.

The normalized profit margin increased to 5.4% from 5.3% in the year-earlier period.

Total revenue grew 7.6% on an annual basis to 14.47 billion rupees from 13.45 billion rupees, and total operating expenses increased 8.4% year over year to 12.94 billion rupees from 11.95 billion rupees.

Reported net income rose 7.6% year over year to 823.5 million rupees, or 22.90 rupees per share, from 765.3 million rupees, or 21.45 rupees per share.

As of Nov. 24, US$1 was equivalent to 61.84 Indian rupees.