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VTM fiscal Q2 profit falls YOY

VTM Ltd. said its normalized net income for the fiscal second quarter ended Sept. 30 came to 56 Indian paise per share, a decrease of 48.5% from 1.08 rupees per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 22.4 million rupees, a decrease of 48.8% from 43.6 million rupees in the prior-year period.

The normalized profit margin fell to 4.8% from 9.8% in the year-earlier period.

Total revenue climbed on an annual basis to 463.3 million rupees from 445.7 million rupees, and total operating expenses rose 12.9% from the prior-year period to 430.1 million rupees from 381.0 million rupees.

Reported net income decreased 45.0% year over year to 29.3 million rupees, or 73 paise per share, from 53.2 million rupees, or 1.32 rupees per share.

As of Oct. 27, US$1 was equivalent to 61.30 Indian rupees.