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Globus Spirits fiscal Q1 profit falls YOY

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Globus Spirits fiscal Q1 profit falls YOY

Globus Spirits Ltd. said its normalized net income for the fiscal first quarter ended June 30 came to 31 Indian paise per share, a decline of 89.6% from 2.94 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 13.4 million rupees, a decrease of 83.7% from 82.2 million rupees in the year-earlier period.

The normalized profit margin dropped to 1.0% from 6.0% in the year-earlier period.

Total revenue grew on an annual basis to 1.41 billion rupees from 1.38 billion rupees, and total operating expenses grew 10.0% from the prior-year period to 1.36 billion rupees from 1.24 billion rupees.

Reported net income declined 76.7% from the prior-year period to 21.5 million rupees, or 49 paise per share, from 92.1 million rupees, or 3.29 rupees per share.

As of Aug. 14, US$1 was equivalent to 60.85 Indian rupees.