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Siyaram Silk Mills fiscal Q1 profit climbs 5.5% YOY

Siyaram Silk Mills Ltd said its normalized net income for the fiscal first quarter ended June 30 was 2.27 Indian rupees per share, an increase of 5.4% from 2.16 rupees per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 106.6 million rupees, an increase of 5.5% from 101.1 million rupees in the year-earlier period.

The normalized profit margin declined to 3.5% from 4.0% in the year-earlier period.

Total revenue climbed 20.2% on an annual basis to 3.01 billion rupees from 2.51 billion rupees, and total operating expenses climbed 20.9% year over year to 2.80 billion rupees from 2.32 billion rupees.

Reported net income grew 7.9% on an annual basis to 115.8 million rupees, or 2.47 rupees per share, from 107.3 million rupees, or 2.29 rupees per share.

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