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Jay Bharat Maruti profit beats consensus by 48.5% in fiscal Q2

Jay Bharat Maruti Ltd. said its normalized net income for the fiscal second quarter ended Sept. 30 amounted to 5.39 Indian rupees per share, compared with the S&P Capital IQ consensus estimate of 3.63 rupees per share.

EPS increased 64.4% year over year from 3.28 rupees.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 116.6 million rupees, an increase of 64.2% from 71.0 million rupees in the year-earlier period.

The normalized profit margin increased to 3.6% from 2.4% in the year-earlier period.

Total revenue increased 9.0% on an annual basis to 3.23 billion rupees from 2.96 billion rupees, and total operating expenses rose 7.1% on an annual basis to 2.99 billion rupees from 2.79 billion rupees.

Reported net income grew 62.4% from the prior-year period to 122.5 million rupees, or 5.66 rupees per share, from 75.4 million rupees, or 3.48 rupees per share.

As of Oct. 13, US$1 was equivalent to 61.02 Indian rupees.