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Virat Industries fiscal Q4 profit falls YOY

Virat Industries Ltd. said its normalized net income for the fiscal fourth quarter ended March 31 amounted to 29 Indian paise per share, a decrease of 23.1% from 38 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 1.5 million rupees, a decline of 23.0% from 1.9 million rupees in the prior-year period.

The normalized profit margin fell to 2.8% from 4.3% in the year-earlier period.

Total revenue climbed 18.3% on an annual basis to 51.9 million rupees from 43.9 million rupees, and total operating expenses climbed 21.6% year over year to 50.1 million rupees from 41.2 million rupees.

Reported net income increased year over year to 1.5 million rupees, or 29 paise per share, from 1.4 million rupees, or 28 paise per share.

For the year, the company's normalized net income totaled 3.83 rupees per share, a fall of 39.1% from 6.28 rupees per share in the prior year.

Normalized net income was 18.8 million rupees, a decrease of 39.1% from 30.9 million rupees in the prior year.

Full-year total revenue fell 5.1% on an annual basis to 205.3 million rupees from 216.3 million rupees, and total operating expenses grew on an annual basis to 179.2 million rupees from 174.4 million rupees.

The company said reported net income fell 36.6% year over year to 20.8 million rupees, or 4.23 rupees per share, in the full year, from 32.8 million rupees, or 6.67 rupees per share.

As of Aug. 14, US$1 was equivalent to 65.08 Indian rupees.