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Atharv Enterprises fiscal Q1 profit falls YOY

Atharv Enterprises Ltd said its normalized net income for the fiscal first quarter ended June 30 amounted to 772,540 rupees, a decrease of 15.8% from 916,990 rupees in the year-earlier period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin dropped to 7.1% from 8.1% in the year-earlier period.

Total revenue declined on an annual basis to 10.9 million rupees from 11.3 million rupees, and total operating expenses totaled 13.2 million rupees, compared with 13.3 million rupees in the year-earlier period.

Reported net income decreased 17.0% year over year to 836,060 rupees, or 1 paise per share, from 1.0 million rupees, or 1 paise per share.

As of Aug. 13, US$1 was equivalent to 61.07 Indian rupees.