Pranavaditya Spinning Mills Ltd. said its normalized net income for the fiscal first quarter ended June 30 amounted to 18 Indian paise per share, a decrease of 36.8% from 28 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 3.3 million rupees, a decrease of 38.9% from 5.4 million rupees in the prior-year period.
The normalized profit margin dropped to 1.9% from 3.5% in the year-earlier period.
Total revenue increased 13.3% year over year to 174.6 million rupees from 154.0 million rupees, and total operating expenses increased 16.5% on an annual basis to 168.3 million rupees from 144.6 million rupees.
Reported net income decreased 38.8% from the prior-year period to 3.6 million rupees, or 19 paise per share, from 5.8 million rupees, or 30 paise per share.
As of Aug. 12, US$1 was equivalent to 61.08 Indian rupees.
