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Bhilwara Spinners fiscal Q4 profit falls YOY

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Bhilwara Spinners fiscal Q4 profit falls YOY

Bhilwara Spinners Ltd said its normalized net income for the fiscal fourth quarter ended March 31 amounted to 5 Indian paise per share, a decline of 75.1% from 19 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 318,290 rupees, a decrease of 75.1% from 1.3 million rupees in the year-earlier period.

The normalized profit margin increased to 64.3% from 13.2% in the year-earlier period.

Total revenue fell 90.8% on an annual basis to 887,730 rupees from 9.6 million rupees, and total operating expenses declined 82.7% on an annual basis to 1.8 million rupees from 10.3 million rupees.

Reported net income increased on an annual basis to 11.1 million rupees, or 1.64 rupees per share, from 1.2 million rupees, or 18 paise per share.

For the year, the company's normalized net income totaled 23 paise per share, an increase of 22.9% from 19 paise per share in the prior year.

Normalized net income was 1.6 million rupees, a gain of 22.9% from 1.3 million rupees in the prior year.

Full-year total revenue decreased 92.5% on an annual basis to 2.1 million rupees from 28.1 million rupees, and total operating expenses decreased 86.1% on an annual basis to 4.0 million rupees from 29.1 million rupees.

The company said reported net income rose year over year to 18.6 million rupees, or 2.75 rupees per share, in the full year, from 1.2 million rupees, or 17 paise per share.

As of May 29, US$1 was equivalent to 63.76 Indian rupees.