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Porwal Auto Components swings to profit in fiscal Q1

Porwal Auto Components Ltd. said its normalized net income for the fiscal first quarter ended June 30 amounted to 8 Indian paise per share, compared with a loss of 13 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 1.3 million rupees, compared with a loss of 2.0 million rupees in the year-earlier period.

The normalized profit margin rose to 0.7% from negative 1.4% in the year-earlier period.

Total revenue climbed 36.5% on an annual basis to 193.6 million rupees from 141.8 million rupees, and total operating expenses rose 29.9% year over year to 187.3 million rupees from 144.1 million rupees.

Reported net income totaled 2.0 million rupees, or 13 paise per share, compared to a loss of 3.2 million rupees, or a loss of 21 paise per share, in the year-earlier period.

As of July 30, US$1 was equivalent to 60.35 Indian rupees.