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Rico Auto Industries fiscal Q1 profit climbs YOY

Rico Auto Industries Ltd. said its normalized net income for the fiscal first quarter ended June 30 came to 30 Indian paise per share, a gain from 12 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 40.1 million rupees, a gain from 16.8 million rupees in the prior-year period.

The normalized profit margin increased to 1.6% from 0.5% in the year-earlier period.

Total revenue fell 27.4% on an annual basis to 2.51 billion rupees from 3.46 billion rupees, and total operating expenses declined 28.5% on an annual basis to 2.42 billion rupees from 3.38 billion rupees.

Reported net income came to 42.8 million rupees, or 32 paise per share, compared to a loss of 12.8 million rupees, or a loss of 9 paise per share, in the year-earlier period.

As of Aug. 12, US$1 was equivalent to 64.75 Indian rupees.