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Swasti Vinayaka Art & Heritage fiscal Q4 profit falls YOY

Swasti Vinayaka Art & Heritage Corp. Ltd. said its normalized net income for the fiscal fourth quarter ended March 31 came to 162,910 rupees, a fall of 94.1% from 2.7 million rupees in the year-earlier period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin dropped to 0.3% from 12.3% in the year-earlier period.

Total revenue rose on an annual basis to 50.7 million rupees from 22.4 million rupees, and total operating expenses climbed year over year to 46.7 million rupees from 13.8 million rupees.

Reported net income grew 40.4% on an annual basis to 4.0 million rupees, or 10 paise per share, from 2.9 million rupees, or 7 paise per share.

For the year, the company's normalized net income totaled 27 paise per share, a gain of 21.2% from 22 paise per share in the prior year.

Normalized net income was 10.9 million rupees, an increase of 19.4% from 9.1 million rupees in the prior year.

Full-year total revenue increased 45.5% year over year to 113.3 million rupees from 77.8 million rupees, and total operating expenses increased 70.8% on an annual basis to 81.7 million rupees from 47.8 million rupees.

The company said reported net income increased 60.0% year over year to 15.6 million rupees, or 39 paise per share, in the full year, from 9.7 million rupees, or 24 paise per share.

As of May 29, US$1 was equivalent to 63.76 Indian rupees.