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Benares Hotels fiscal Q1 profit climbs 92.7% YOY

Benares Hotels Ltd. said its normalized net income for the fiscal first quarter ended June 30 amounted to 8.68 Indian rupees per share, an increase of 92.7% from 4.50 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 11.3 million rupees, a gain of 92.7% from 5.9 million rupees in the year-earlier period.

The normalized profit margin increased to 13.7% from 8.2% in the year-earlier period.

Total revenue rose 15.8% on an annual basis to 82.3 million rupees from 71.1 million rupees, and total operating expenses climbed 6.0% year over year to 67.6 million rupees from 63.8 million rupees.

Reported net income rose on an annual basis to 11.7 million rupees, or 9.02 rupees per share, from 4.9 million rupees, or 3.76 rupees per share.

As of July 17, US$1 was equivalent to 60.16 Indian rupees.