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Acknit Industries fiscal Q1 profit climbs 58.1% YOY

Acknit Industries Ltd said its normalized net income for the fiscal first quarter ended June 30 was 2.74 Indian rupees per share, an increase of 58.7% from 1.73 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 6.9 million rupees, an increase of 58.1% from 4.4 million rupees in the prior-year period.

The normalized profit margin increased to 1.9% from 1.7% in the year-earlier period.

Total revenue grew 42.6% year over year to 371.9 million rupees from 260.9 million rupees, and total operating expenses grew 52.4% from the prior-year period to 363.1 million rupees from 238.2 million rupees.

Reported net income increased 57.7% on an annual basis to 7.5 million rupees, or 2.96 rupees per share, from 4.7 million rupees, or 1.87 rupees per share.

As of Aug. 14, US$1 was equivalent to 60.85 Indian rupees.