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Sibar Auto Parts fiscal Q1 profit climbs 78.5% YOY

Sibar Auto Parts Ltd. said its normalized net income for the fiscal first quarter ended June 30 was 4 Indian paise per share, a gain of 72.8% from 2 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 338,130 rupees, a gain of 78.5% from 189,380 rupees in the year-earlier period.

The normalized profit margin rose to 0.8% from 0.5% in the year-earlier period.

Total revenue grew 13.7% on an annual basis to 41.3 million rupees from 36.3 million rupees, and total operating expenses increased 11.4% year over year to 40.2 million rupees from 36.1 million rupees.

Reported net income rose 78.5% from the prior-year period to 541,000 rupees, or 6 paise per share, from 303,000 rupees, or 3 paise per share.

As of July 27, US$1 was equivalent to 64.19 Indian rupees.