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Banaras Beads fiscal Q1 profit falls YOY

Banaras Beads Ltd. said its normalized net income for the fiscal first quarter ended June 30 was 74 Indian paise per share, a decrease of 8.9% from 81 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 4.9 million rupees, a decline of 8.6% from 5.4 million rupees in the year-earlier period.

The normalized profit margin declined to 8.5% from 10.0% in the year-earlier period.

Total revenue grew 7.5% on an annual basis to 58.0 million rupees from 54.0 million rupees, and total operating expenses grew 13.0% from the prior-year period to 54.1 million rupees from 47.9 million rupees.

Reported net income fell from the prior-year period to 6.4 million rupees, or 96 paise per share, from 6.6 million rupees, or 1 rupee per share.

As of July 31, US$1 was equivalent to 60.88 Indian rupees.