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Dharani Finance fiscal Q1 profit falls YOY

Dharani Finance Ltd. said its normalized net income for the fiscal first quarter ended June 30 was 8 Indian paise per share, a decrease of 75.6% from 33 paise per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 398,750 rupees, a decline of 76.0% from 1.7 million rupees in the prior-year period.

The normalized profit margin declined to 7.7% from 28.5% in the year-earlier period.

Total revenue declined 10.8% on an annual basis to 5.2 million rupees from 5.8 million rupees, and total operating expenses declined 47.5% on an annual basis to 4.8 million rupees from 9.1 million rupees.

Reported net income fell 77.5% year over year to 638,000 rupees, or 13 paise per share, from 2.8 million rupees, or 57 paise per share.

As of Aug. 13, US$1 was equivalent to 61.07 Indian rupees.