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Pearl Global Industries fiscal Q1 profit falls YOY

Pearl Global Industries Ltd said its normalized net income for the fiscal first quarter ended June 30 was 1.51 Indian rupees per share, a decrease of 48.5% from 2.93 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 32.6 million rupees, a decrease of 48.5% from 63.3 million rupees in the prior-year period.

The normalized profit margin increased to 1.4% from 0.6% in the year-earlier period.

Total revenue fell 78.1% year over year to 2.28 billion rupees from 10.40 billion rupees, and total operating expenses fell 78.8% from the prior-year period to 2.22 billion rupees from 10.44 billion rupees.

Reported net income decreased 16.2% on an annual basis to 53.8 million rupees, or 2.49 rupees per share, from 64.3 million rupees, or 2.97 rupees per share.

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