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Minda fiscal Q1 profit climbs YOY

Minda Corp. Ltd said its normalized net income for the fiscal first quarter ended June 30 amounted to 60 Indian paise per share, a gain from 27 paise per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 126.0 million rupees, an increase from 55.7 million rupees in the year-earlier period.

The normalized profit margin climbed to 2.8% from 1.6% in the year-earlier period.

Total revenue increased 30.8% year over year to 4.53 billion rupees from 3.46 billion rupees, and total operating expenses climbed 28.0% on an annual basis to 4.24 billion rupees from 3.31 billion rupees.

Reported net income increased 88.9% on an annual basis to 173.8 million rupees, or 83 paise per share, from 92.0 million rupees, or 45 paise per share.

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