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SRK Industries fiscal Q1 profit falls YOY

S R K Industries Ltd. said its normalized net income for the fiscal first quarter ended June 30 came to 2 Indian paise per share, a decrease of 59.2% from 6 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 1.9 million rupees, a decline of 57.1% from 4.5 million rupees in the prior-year period.

The normalized profit margin increased to 12.5% from 5.3% in the year-earlier period.

Total revenue decreased 81.9% on an annual basis to 15.4 million rupees from 84.9 million rupees, and total operating expenses fell 84.2% on an annual basis to 12.3 million rupees from 77.7 million rupees.

Reported net income declined 51.4% year over year to 2.4 million rupees, or 3 paise per share, from 4.9 million rupees, or 7 paise per share.

As of Aug. 14, US$1 was equivalent to 60.85 Indian rupees.