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Mihika Industries fiscal Q1 profit climbs YOY

Mihika Industries Ltd said its normalized net income for the fiscal first quarter ended June 30 amounted to 1.8 million rupees, an increase from 8,130 rupees in the prior-year period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin increased to 53.4% from 0.7% in the year-earlier period.

Total revenue grew year over year to 3.4 million rupees from 1.1 million rupees, and total operating expenses grew on an annual basis to 4.3 million rupees from 1.3 million rupees.

Reported net income increased year over year to 2.4 million rupees, or 24 paise per share, from 9,000 rupees.

As of Aug. 7, US$1 was equivalent to 61.24 Indian rupees.