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VTM fiscal Q1 profit falls YOY

VTM Ltd. said its normalized net income for the fiscal first quarter ended June 30 came to 68 Indian paise per share, a decline of 17.4% from 82 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 27.4 million rupees, a decrease of 17.6% from 33.2 million rupees in the year-earlier period.

The normalized profit margin dropped to 6.8% from 8.1% in the year-earlier period.

Total revenue decreased on an annual basis to 399.6 million rupees from 407.9 million rupees, and total operating expenses came to 361.7 million rupees, compared with 360.1 million rupees in the prior-year period.

Reported net income decreased 5.9% from the prior-year period to 40.2 million rupees, or 1 rupee per share, from 42.7 million rupees, or 1.06 rupees per share.

As of July 25, US$1 was equivalent to 60.01 Indian rupees.