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SR Industries swings to profit in fiscal Q1

S.R. Industries Ltd. said its normalized net income for the fiscal first quarter ended June 30 was 11 Indian paise per share, compared with a loss of 1.32 rupees per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 1.5 million rupees, compared with a loss of 1.8 million rupees in the year-earlier period.

The normalized profit margin climbed to 1.3% from negative 1.8% in the year-earlier period.

Total revenue increased 23.6% on an annual basis to 122.7 million rupees from 99.3 million rupees, and total operating expenses rose 19.4% year over year to 103.2 million rupees from 86.4 million rupees.

Reported net income came to 2.5 million rupees, or 18 paise per share, compared to a loss of 2.9 million rupees, or a loss of 2.11 rupees per share, in the year-earlier period.

As of Aug. 12, US$1 was equivalent to 61.08 Indian rupees.