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Mayur Leather Products fiscal Q1 profit climbs 31.2% YOY

Mayur Leather Products Ltd. said its normalized net income for the fiscal first quarter ended June 30 was 92 Indian paise per share, a gain of 30.9% from 71 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 4.5 million rupees, an increase of 31.2% from 3.4 million rupees in the prior-year period.

The normalized profit margin dropped to 6.4% from 8.3% in the year-earlier period.

Total revenue climbed 70.8% on an annual basis to 70.1 million rupees from 41.0 million rupees, and total operating expenses rose 75.6% on an annual basis to 63.7 million rupees from 36.3 million rupees.

Reported net income increased on an annual basis to 5.7 million rupees, or 1.17 rupees per share, from 5.5 million rupees, or 1.13 rupees per share.

As of Aug. 14, US$1 was equivalent to 60.85 Indian rupees.