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Damodar Industries fiscal Q1 profit falls 38.5% YOY

Damodar Industries Ltd said its normalized net income for the fiscal first quarter ended June 30 amounted to 2.37 Indian rupees per share, compared with the S&P Capital IQ consensus estimate of 2.62 rupees per share.

EPS decreased 38.5% year over year from 3.86 rupees.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 26.4 million rupees, a decline of 38.5% from 43.0 million rupees in the year-earlier period.

The normalized profit margin dropped to 1.7% from 2.5% in the year-earlier period.

Total revenue fell 10.8% on an annual basis to 1.51 billion rupees from 1.70 billion rupees, and total operating expenses decreased 10.3% from the prior-year period to 1.41 billion rupees from 1.57 billion rupees.

Reported net income declined 39.2% on an annual basis to 27.6 million rupees, or 2.48 rupees per share, from 45.4 million rupees, or 4.08 rupees per share.

As of Aug. 8, US$1 was equivalent to 61.15 Indian rupees.