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Indian Acrylics fiscal Q1 profit falls YOY

Indian Acrylics Ltd. said its normalized net income for the fiscal first quarter ended June 30 was 12 Indian paise per share, a decrease of 33.7% from 19 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 16.9 million rupees, a decrease of 33.0% from 25.2 million rupees in the year-earlier period.

The normalized profit margin declined to 1.2% from 1.7% in the year-earlier period.

Total revenue fell on an annual basis to 1.46 billion rupees from 1.49 billion rupees, and total operating expenses came to 1.42 billion rupees, compared with 1.42 billion rupees in the prior-year period.

Reported net income fell 32.6% year over year to 27.1 million rupees, or 20 paise per share, from 40.2 million rupees, or 30 paise per share.

As of Aug. 14, US$1 was equivalent to 60.85 Indian rupees.