Banco Products (India) Ltd. said its normalized net income for the fiscal first quarter ended June 30 amounted to 2.90 Indian rupees per share, a decline of 14.6% from 3.40 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 207.6 million rupees, a decrease of 14.5% from 242.8 million rupees in the year-earlier period.
The normalized profit margin fell to 6.5% from 7.9% in the year-earlier period.
Total revenue grew on an annual basis to 3.19 billion rupees from 3.07 billion rupees, and total operating expenses grew 5.9% year over year to 2.86 billion rupees from 2.70 billion rupees.
Reported net income decreased 13.5% year over year to 241.9 million rupees, or 3.38 rupees per share, from 279.6 million rupees, or 3.91 rupees per share.
As of Aug. 8, US$1 was equivalent to 61.15 Indian rupees.
