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Sri Lakshmi Saraswathi Textiles fiscal Q4 profit climbs 70.5% YOY

Sri Lakshmi Saraswathi Textiles (Arni) Ltd said its normalized net income for the fiscal fourth quarter ended March 31 came to 2.15 Indian rupees per share, an increase of 70.5% from 1.26 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 7.2 million rupees, a gain of 70.5% from 4.2 million rupees in the year-earlier period.

The normalized profit margin climbed to 2.5% from 1.2% in the year-earlier period.

Total revenue decreased 14.6% on an annual basis to 290.2 million rupees from 339.9 million rupees, and total operating expenses declined 17.4% from the prior-year period to 275.4 million rupees from 333.6 million rupees.

Reported net income came to a loss of 9.0 million rupees, or a loss of 2.69 rupees per share, compared to a loss of 10.0 million rupees, or a loss of 2.99 rupees per share, in the year-earlier period.

For the year, the company's normalized net income totaled a loss of 33 paise per share, compared with 6.78 rupees per share in the prior year.

Normalized net income was a loss of 1.1 million rupees, compared with income of 22.6 million rupees in the prior year.

Full-year total revenue decreased 8.4% year over year to 1.15 billion rupees from 1.26 billion rupees, and total operating expenses declined 5.8% on an annual basis to 1.14 billion rupees from 1.22 billion rupees.

The company said reported net income came to a loss of 22.2 million rupees, or a loss of 6.65 rupees per share, in the full year, compared with income of 19.5 million rupees, or 5.84 rupees per share, the prior year.

As of July 9, US$1 was equivalent to 63.31 Indian rupees.