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GRM Overseas fiscal Q1 profit climbs 13.2% YOY

GRM Overseas Ltd said its normalized net income for the fiscal first quarter ended June 30 was 3.08 Indian rupees per share, a gain of 13.5% from 2.71 rupees per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 11.4 million rupees, a gain of 13.2% from 10.0 million rupees in the year-earlier period.

The normalized profit margin declined to 1.1% from 1.2% in the year-earlier period.

Total revenue grew 15.3% year over year to 1.00 billion rupees from 868.8 million rupees, and total operating expenses rose 14.4% on an annual basis to 968.2 million rupees from 846.5 million rupees.

Reported net income rose 8.0% on an annual basis to 12.1 million rupees, or 3.29 rupees per share, from 11.2 million rupees, or 3.04 rupees per share.

As of Aug. 11, US$1 was equivalent to 61.19 Indian rupees.