Hindustan Hardy Spicer Ltd said its normalized net income for the fiscal first quarter ended June 30 amounted to 47 Indian paise per share, a decrease of 14.5% from 55 paise per share in the year-earlier period.
Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 700,000 rupees, a decrease of 14.4% from 817,500 rupees in the prior-year period.
The normalized profit margin dropped to 0.5% from 0.7% in the year-earlier period.
Total revenue increased 7.2% on an annual basis to 132.9 million rupees from 123.9 million rupees, and total operating expenses increased 7.6% year over year to 129.5 million rupees from 120.3 million rupees.
Reported net income declined 86.5% from the prior-year period to 780,000 rupees, or 52 paise per share, from 5.8 million rupees, or 3.86 rupees per share.
As of Aug. 20, US$1 was equivalent to 60.61 Indian rupees.
