Surat Textile Mills Ltd. said its normalized net income for the fiscal first quarter ended June 30 came to 11 Indian paise per share, an increase from 5 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 25.2 million rupees, a gain from 10.9 million rupees in the prior-year period.
The normalized profit margin increased to 5.9% from 1.9% in the year-earlier period.
Total revenue decreased 25.8% year over year to 426.6 million rupees from 575.3 million rupees, and total operating expenses declined 28.7% from the prior-year period to 397.5 million rupees from 557.3 million rupees.
Reported net income grew year over year to 40.3 million rupees, or 18 paise per share, from 17.5 million rupees, or 8 paise per share.
As of Aug. 11, US$1 was equivalent to 61.19 Indian rupees.
