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Hindustan Composites fiscal Q1 profit falls YOY

Hindustan Composites Ltd said its normalized net income for the fiscal first quarter ended June 30 came to 2.43 Indian rupees per share, a decline of 34.6% from 3.71 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 35.8 million rupees, a decrease of 34.6% from 54.8 million rupees in the year-earlier period.

The normalized profit margin fell to 10.6% from 15.6% in the year-earlier period.

Total revenue decreased year over year to 338.2 million rupees from 351.5 million rupees, and total operating expenses grew 6.6% year over year to 280.7 million rupees from 263.3 million rupees.

Reported net income declined from the prior-year period to 51.7 million rupees, or 3.50 rupees per share, from 53.5 million rupees, or 3.63 rupees per share.

As of Aug. 11, US$1 was equivalent to 61.19 Indian rupees.