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Hindustan Hardy Spicer fiscal Q1 profit falls YOY

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.