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Ceat fiscal Q4 profit climbs 38.5% YOY

Ceat Ltd. said its normalized net income for the fiscal fourth quarter ended March 31 amounted to 22.30 Indian rupees per share, compared with the S&P Capital IQ consensus estimate of 20.64 rupees per share.

EPS increased 23.1% year over year from 18.11 rupees.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 901.8 million rupees, a gain of 38.5% from 651.2 million rupees in the prior-year period.

The normalized profit margin increased to 6.1% from 4.4% in the year-earlier period.

Total revenue increased year over year to 15.14 billion rupees from 14.90 billion rupees, and total operating expenses came to 13.34 billion rupees, compared with 13.42 billion rupees in the prior-year period.

Reported net income grew 50.4% year over year to 939.1 million rupees, or 23.22 rupees per share, from 624.3 million rupees, or 17.36 rupees per share.

For the year, the company's normalized net income totaled 80.75 rupees per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 76.72 rupees.

EPS rose 11.1% from 72.69 rupees in the prior year.

Normalized net income was 3.03 billion rupees, a rise of 16.9% from 2.59 billion rupees in the prior year.

Full-year total revenue grew on an annual basis to 58.02 billion rupees from 55.54 billion rupees, and total operating expenses increased year over year to 51.96 billion rupees from 49.64 billion rupees.

The company said reported net income increased 16.9% on an annual basis to 3.17 billion rupees, or 84.62 rupees per share, in the full year, from 2.71 billion rupees, or 76.14 rupees per share.

As of May 29, US$1 was equivalent to 63.76 Indian rupees.