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Rane Holdings fiscal Q1 profit falls YOY

Rane Holdings Ltd. said its normalized net income for the fiscal first quarter ended June 30 was 8.90 Indian rupees per share, a decrease of 43.6% from 15.80 rupees per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 127.1 million rupees, a decrease of 43.7% from 225.7 million rupees in the year-earlier period.

The normalized profit margin declined to 2.5% from 5.0% in the year-earlier period.

Total revenue increased 11.6% year over year to 5.07 billion rupees from 4.54 billion rupees, and total operating expenses increased 9.1% from the prior-year period to 4.75 billion rupees from 4.35 billion rupees.

Reported net income came to 150.2 million rupees, or 10.52 rupees per share, compared to a loss of 109.1 million rupees, or a loss of 7.64 rupees per share, in the prior-year period.

As of Aug. 12, US$1 was equivalent to 61.08 Indian rupees.