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Deepak Spinners fiscal Q1 profit falls YOY

Deepak Spinners Ltd. said its normalized net income for the fiscal first quarter ended June 30 amounted to 2.58 Indian rupees per share, a decrease of 49.5% from 5.11 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 18.6 million rupees, a decline of 49.5% from 36.8 million rupees in the prior-year period.

The normalized profit margin dropped to 1.7% from 4.4% in the year-earlier period.

Total revenue rose 32.2% year over year to 1.11 billion rupees from 840.9 million rupees, and total operating expenses climbed 37.0% from the prior-year period to 1.05 billion rupees from 766.7 million rupees.

Reported net income decreased 58.3% from the prior-year period to 17.2 million rupees, or 2.39 rupees per share, from 41.2 million rupees, or 5.73 rupees per share.

As of Aug. 6, US$1 was equivalent to 61.34 Indian rupees.