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Minaxi Textiles fiscal Q1 profit climbs 16.6% YOY

Minaxi Textiles Ltd said its normalized net income for the fiscal first quarter ended June 30 came to 3.7 million rupees, a rise of 16.6% from 3.2 million 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 climbed to 3.7% from 2.7% in the year-earlier period.

Total revenue fell 14.5% year over year to 101.1 million rupees from 118.3 million rupees, and total operating expenses decreased 20.7% from the prior-year period to 87.5 million rupees from 110.4 million rupees.

Reported net income increased 26.6% year over year to 4.7 million rupees, or 9 paise per share, from 3.7 million rupees.

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