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Indian Acrylics fiscal Q1 profit climbs 49.3% YOY

Indian Acrylics Ltd. said its normalized net income for the fiscal first quarter ended June 30 came to 19 Indian paise per share, a gain of 50.6% from 12 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 25.2 million rupees, a gain of 49.3% from 16.9 million rupees in the year-earlier period.

The normalized profit margin climbed to 1.8% from 1.2% in the year-earlier period.

Total revenue fell on an annual basis to 1.40 billion rupees from 1.46 billion rupees, and total operating expenses declined 7.2% on an annual basis to 1.31 billion rupees from 1.42 billion rupees.

Reported net income rose 48.7% on an annual basis to 40.3 million rupees, or 30 paise per share, from 27.1 million rupees, or 20 paise per share.

As of July 20, US$1 was equivalent to 63.64 Indian rupees.