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Pranavaditya Spinning Mills fiscal Q1 profit falls YOY

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.