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Concrete Credit fiscal Q4 profit falls YOY

Concrete Credit Ltd. said its normalized net income for the fiscal fourth quarter ended March 31 came to 3 Indian paise per share, a decline of 14.6% from 3 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 230,160 rupees, a decrease from 234,830 rupees in the year-earlier period.

The normalized profit margin increased to 1.9% from 1.0% in the year-earlier period.

Total revenue decreased 45.2% on an annual basis to 13.3 million rupees from 24.2 million rupees, and total operating expenses declined 51.1% on an annual basis to 11.6 million rupees from 23.8 million rupees.

Reported net income declined 11.1% on an annual basis to 243,010 rupees, or 3 paise per share, from 273,260 rupees, or 4 paise per share.

For the year, the company's normalized net income totaled 4 paise per share, a fall of 11.5% from 5 paise per share in the prior year.

Normalized net income was 303,910 rupees, a decline of 11.5% from 343,580 rupees in the prior year.

Full-year total revenue grew 52.1% year over year to 38.7 million rupees from 25.4 million rupees, and total operating expenses grew 48.6% on an annual basis to 36.9 million rupees from 24.8 million rupees.

The company said reported net income declined 24.9% on an annual basis to 336,010 rupees, or 4 paise per share, in the full year, from 447,260 rupees, or 6 paise per share.

As of Aug. 18, US$1 was equivalent to 65.44 Indian rupees.