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PPAP Automotive fiscal Q1 profit climbs YOY

PPAP Automotive Ltd. said its normalized net income for the fiscal first quarter ended June 30 was 1.56 Indian rupees per share, an increase from 27 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 21.8 million rupees, a gain from 3.8 million rupees in the prior-year period.

The normalized profit margin rose to 2.9% from 0.6% in the year-earlier period.

Total revenue climbed 21.2% year over year to 741.0 million rupees from 611.1 million rupees, and total operating expenses grew 15.7% on an annual basis to 696.3 million rupees from 601.7 million rupees.

Reported net income increased year over year to 24.1 million rupees, or 1.72 rupees per share, from 3.9 million rupees, or 28 paise per share.

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