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PBM Polytex fiscal Q1 profit falls YOY

PBM Polytex Ltd. said its normalized net income for the fiscal first quarter ended June 30 was 3.71 Indian rupees per share, a decline of 24.5% from 4.92 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 30.2 million rupees, a decrease of 24.4% from 39.9 million rupees in the prior-year period.

The normalized profit margin fell to 5.3% from 6.9% in the year-earlier period.

Total revenue fell on an annual basis to 566.1 million rupees from 582.3 million rupees, and total operating expenses came to 507.4 million rupees, compared with 506.9 million rupees in the year-earlier period.

Reported net income declined 32.6% year over year to 35.3 million rupees, or 4.34 rupees per share, from 52.4 million rupees, or 6.45 rupees per share.

As of Aug. 1, US$1 was equivalent to 60.84 Indian rupees.