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Vardhman Acrylics fiscal Q1 profit falls YOY

Vardhman Acrylics Ltd said its normalized net income for the fiscal first quarter ended June 30 was 60 Indian paise per share, a decline of 33.9% from 91 paise per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 55.6 million rupees, a decrease of 33.8% from 84.0 million rupees in the year-earlier period.

The normalized profit margin declined to 5.8% from 6.4% in the year-earlier period.

Total revenue fell 26.0% on an annual basis to 965.2 million rupees from 1.30 billion rupees, and total operating expenses decreased 23.7% on an annual basis to 892.3 million rupees from 1.17 billion rupees.

Reported net income fell 33.2% year over year to 59.3 million rupees, or 64 paise per share, from 88.8 million rupees, or 96 paise per share.

As of July 31, US$1 was equivalent to 63.88 Indian rupees.