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N.K Industries fiscal Q1 profit falls YOY

N.K Industries Ltd said its normalized net income for the fiscal first quarter ended June 30 was 65 Indian paise per share, a decrease of 84.5% from 4.21 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 3.9 million rupees, a decrease of 84.6% from 25.3 million rupees in the prior-year period.

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

Total revenue decreased 79.1% year over year to 311.7 million rupees from 1.49 billion rupees, and total operating expenses fell 76.8% year over year to 365.5 million rupees from 1.57 billion rupees.

Reported net income declined 84.6% on an annual basis to 6.2 million rupees, or 1.04 rupees per share, from 40.5 million rupees, or 6.73 rupees per share.

As of Aug. 11, US$1 was equivalent to 61.19 Indian rupees.