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Jamshri Ranjitsinghji swings to profit in fiscal Q4

Jamshri Ranjitsinghji Spinning & Weaving Mills Co. Ltd. said its normalized net income for the fiscal fourth quarter ended March 31 was 1.26 Indian rupees per share, compared with a loss of 1.19 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 8.8 million rupees, compared with a loss of 8.2 million rupees in the prior-year period.

The normalized profit margin increased to 5.6% from negative 8.5% in the year-earlier period.

Total revenue rose 61.7% on an annual basis to 157.6 million rupees from 97.5 million rupees, and total operating expenses increased 31.8% year over year to 136.9 million rupees from 103.9 million rupees.

Reported net income came to 12.3 million rupees, or 1.76 rupees per share, compared to a loss of 10.2 million rupees, or a loss of 1.47 rupees per share, in the year-earlier period.

For the year, the company's normalized net income totaled 84 paise per share, compared with a loss of 1.62 rupees per share in the prior year.

Normalized net income was 5.9 million rupees, compared with a loss of 11.4 million rupees in the prior year.

Full-year total revenue rose 33.7% on an annual basis to 552.0 million rupees from 413.0 million rupees, and total operating expenses grew 25.3% on an annual basis to 536.9 million rupees from 428.5 million rupees.

The company said reported net income grew on an annual basis to 13.3 million rupees, or 1.90 rupees per share, in the full year, from 3.0 million rupees, or 43 paise per share.

As of July 21, US$1 was equivalent to 63.54 Indian rupees.