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Rajapalayam Mills fiscal Q1 profit falls YOY

Rajapalayam Mills Ltd. said its normalized net income for the fiscal first quarter ended June 30 came to 4.70 Indian rupees per share, a decrease of 47.0% from 8.87 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 35.1 million rupees, a decrease of 49.1% from 69.1 million rupees in the prior-year period.

The normalized profit margin dropped to 3.9% from 6.9% in the year-earlier period.

Total revenue declined 11.4% on an annual basis to 889.4 million rupees from 1.00 billion rupees, and total operating expenses fell 7.1% from the prior-year period to 765.9 million rupees from 824.6 million rupees.

Reported net income rose 49.2% from the prior-year period to 104.6 million rupees, or 14.00 rupees per share, from 70.1 million rupees, or 9.00 rupees per share.

As of Aug. 4, US$1 was equivalent to 61.01 Indian rupees.