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Minaxi Textiles fiscal Q1 profit climbs 42.8% YOY

Minaxi Textiles Ltd said its normalized net income for the fiscal first quarter ended June 30 was 11 Indian paise per share, a gain of 56.3% from 7 paise per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 5.3 million rupees, a gain of 42.8% from 3.7 million rupees in the prior-year period.

The normalized profit margin declined to 3.6% from 3.7% in the year-earlier period.

Total revenue climbed 44.8% year over year to 146.4 million rupees from 101.1 million rupees, and total operating expenses increased 48.7% from the prior-year period to 130.2 million rupees from 87.5 million rupees.

Reported net income rose 21.8% year over year to 5.7 million rupees, or 12 paise per share, from 4.7 million rupees, or 9 paise per share.

As of Aug. 12, US$1 was equivalent to 64.75 Indian rupees.