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Nitin Spinners fiscal Q1 profit climbs 52.2% YOY

Nitin Spinners Ltd. said its normalized net income for the fiscal first quarter ended June 30 came to 2.48 Indian rupees per share, compared with the S&P Capital IQ consensus estimate of 2.80 rupees per share.

EPS increased 52.4% year over year from 1.63 rupees.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 113.9 million rupees, an increase of 52.2% from 74.8 million rupees in the year-earlier period.

The normalized profit margin climbed to 5.8% from 5.6% in the year-earlier period.

Total revenue rose 48.0% year over year to 1.96 billion rupees from 1.33 billion rupees, and total operating expenses increased 44.7% on an annual basis to 1.69 billion rupees from 1.16 billion rupees.

Reported net income increased 34.3% from the prior-year period to 117.8 million rupees, or 2.57 rupees per share, from 87.7 million rupees, or 1.91 rupees per share.

As of July 24, US$1 was equivalent to 64.11 Indian rupees.