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Virat Industries fiscal Q1 profit climbs 22.9% YOY

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Virat Industries fiscal Q1 profit climbs 22.9% YOY

Virat Industries Ltd. said its normalized net income for the fiscal first quarter ended June 30 came to 1.54 Indian rupees per share, an increase of 23.1% from 1.25 rupees per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 7.6 million rupees, a gain of 22.9% from 6.1 million rupees in the prior-year period.

The normalized profit margin increased to 13.6% from 12.7% in the year-earlier period.

Total revenue grew 15.4% on an annual basis to 55.6 million rupees from 48.2 million rupees, and total operating expenses increased 15.8% from the prior-year period to 45.5 million rupees from 39.3 million rupees.

Reported net income increased 18.1% from the prior-year period to 8.0 million rupees, or 1.62 rupees per share, from 6.7 million rupees, or 1.37 rupees per share.

As of Aug. 14, US$1 was equivalent to 65.08 Indian rupees.