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Karuturi Global fiscal Q1 profit falls YOY

Karuturi Global Ltd. said its normalized net income for the fiscal first quarter ended June 30 amounted to 3 Indian paise per share, a decline of 9.7% from 3 paise per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 21.7 million rupees, a decline of 4.9% from 22.8 million rupees in the year-earlier period.

The normalized profit margin increased to 4.0% from 1.7% in the year-earlier period.

Total revenue declined 60.0% on an annual basis to 542.7 million rupees from 1.36 billion rupees, and total operating expenses declined 56.8% on an annual basis to 468.6 million rupees from 1.09 billion rupees.

Reported net income grew 25.3% from the prior-year period to 45.3 million rupees, or 6 paise per share, from 36.1 million rupees, or 5 paise per share.

As of Aug. 13, US$1 was equivalent to 61.07 Indian rupees.