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Menon Pistons fiscal Q1 profit climbs YOY

Menon Pistons Ltd. said its normalized net income for the fiscal first quarter ended June 30 was 19 Indian paise per share, a gain from 6 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 9.9 million rupees, a gain from 2.9 million rupees in the prior-year period.

The normalized profit margin increased to 3.0% from 0.8% in the year-earlier period.

Total revenue decreased 5.2% on an annual basis to 325.9 million rupees from 343.9 million rupees, and total operating expenses decreased 7.9% from the prior-year period to 302.1 million rupees from 328.1 million rupees.

Reported net income rose on an annual basis to 10.9 million rupees, or 21 paise per share, from 3.0 million rupees, or 6 paise per share.

As of July 23, US$1 was equivalent to 59.95 Indian rupees.