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Swasti Vinayaka Synthetics fiscal Q1 profit climbs YOY

Swasti Vinayaka Synthetics Ltd. said its normalized net income for the fiscal first quarter ended June 30 came to 3 Indian paise per share, compared with 3 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 1.8 million rupees, a gain of 4.9% from 1.7 million rupees in the year-earlier period.

The normalized profit margin rose to 5.0% from 4.2% in the year-earlier period.

Total revenue decreased 10.6% year over year to 36.1 million rupees from 40.3 million rupees, and total operating expenses declined 11.2% year over year to 33.0 million rupees from 37.1 million rupees.

Reported net income came to 2.9 million rupees, or 4 paise per share, compared to 2.7 million rupees, or 4 paise per share, in the prior-year period.

As of July 30, US$1 was equivalent to 60.35 Indian rupees.