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Virat Crane Industries fiscal Q1 profit climbs 80.4% YOY

Virat Crane Industries Ltd. said its normalized net income for the fiscal first quarter ended June 30 amounted to 46 Indian paise per share, an increase of 79.0% from 26 paise per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 9.4 million rupees, a gain of 80.4% from 5.2 million rupees in the prior-year period.

The normalized profit margin increased to 6.4% from 6.1% in the year-earlier period.

Total revenue rose 71.0% on an annual basis to 146.8 million rupees from 85.9 million rupees, and total operating expenses rose 69.4% year over year to 131.1 million rupees from 77.4 million rupees.

Reported net income grew 86.5% year over year to 10.2 million rupees, or 50 paise per share, from 5.5 million rupees, or 27 paise per share.

As of Sept. 1, US$1 was equivalent to 60.47 Indian rupees.