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Tai Industries fiscal Q1 profit climbs 9.0% YOY

Tai Industries Ltd said its normalized net income for the fiscal first quarter ended June 30 was 21 Indian paise per share, a gain of 7.2% from 20 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 1.3 million rupees, an increase of 9.0% from 1.2 million rupees in the prior-year period.

The normalized profit margin declined to 0.9% from 1.1% in the year-earlier period.

Total revenue grew 31.5% year over year to 141.1 million rupees from 107.3 million rupees, and total operating expenses rose 30.8% on an annual basis to 149.8 million rupees from 114.6 million rupees.

Reported net income fell 11.0% on an annual basis to 1.7 million rupees, or 28 paise per share, from 1.9 million rupees, or 32 paise per share.

As of Aug. 12, US$1 was equivalent to 61.08 Indian rupees.