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Reliable Ventures India fiscal Q1 profit falls YOY

Reliable ventures India Ltd. said its normalized net income for the fiscal first quarter ended June 30 amounted to 15 Indian paise per share, a decrease of 20.3% from 19 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 1.7 million rupees, a decrease of 19.8% from 2.1 million rupees in the prior-year period.

The normalized profit margin fell to 4.7% from 6.2% in the year-earlier period.

Total revenue increased 5.7% year over year to 35.9 million rupees from 34.0 million rupees, and total operating expenses increased 8.9% year over year to 34.1 million rupees from 31.3 million rupees.

Reported net income fell 23.4% on an annual basis to 1.8 million rupees, or 16 paise per share, from 2.4 million rupees, or 21 paise per share.

As of Aug. 12, US$1 was equivalent to 64.75 Indian rupees.