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Ginni Filaments fiscal Q1 profit falls YOY

Ginni Filaments Ltd said its normalized net income for the fiscal first quarter ended June 30 amounted to 39 Indian paise per share, a decrease of 61.6% from 1.03 rupees per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 28.8 million rupees, a decrease of 60.9% from 73.5 million rupees in the year-earlier period.

The normalized profit margin declined to 1.3% from 3.8% in the year-earlier period.

Total revenue rose 11.2% on an annual basis to 2.13 billion rupees from 1.92 billion rupees, and total operating expenses grew 15.8% from the prior-year period to 1.97 billion rupees from 1.70 billion rupees.

Reported net income declined 66.3% year over year to 38.0 million rupees, or 52 paise per share, from 112.6 million rupees, or 1.57 rupees per share.

As of Aug. 1, US$1 was equivalent to 60.84 Indian rupees.