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Shree Rajasthan Syntex swings to profit in fiscal Q1

Shree Rajasthan Syntex Ltd said its normalized net income for the fiscal first quarter ended June 30 was 38 Indian paise per share, compared with a loss of 41 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 4.7 million rupees, compared with a loss of 5.1 million rupees in the year-earlier period.

The normalized profit margin increased to 0.8% from negative 0.7% in the year-earlier period.

Total revenue decreased 20.1% year over year to 617.6 million rupees from 772.6 million rupees, and total operating expenses decreased 24.9% from the prior-year period to 571.3 million rupees from 760.4 million rupees.

Reported net income came to 4.3 million rupees, or 35 paise per share, compared to a loss of 5.8 million rupees, or a loss of 47 paise per share, in the year-earlier period.

As of Aug. 7, US$1 was equivalent to 63.74 Indian rupees.