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Swasti Vinayaka Synthetics fiscal Q1 profit climbs 5.8% YOY

Swasti Vinayaka Synthetics Ltd. said its normalized net income for the fiscal first quarter ended June 30 amounted 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 1.9 million rupees, an increase of 5.8% from 1.8 million rupees in the year-earlier period.

The normalized profit margin fell to 4.8% from 5.0% in the year-earlier period.

Total revenue increased 9.8% year over year to 39.6 million rupees from 36.1 million rupees, and total operating expenses increased 8.9% on an annual basis to 35.9 million rupees from 33.0 million rupees.

Reported net income came to 3.0 million rupees, or 4 paise per share, compared to 2.9 million rupees, or 4 paise per share, in the prior-year period.

As of July 28, US$1 was equivalent to 63.82 Indian rupees.