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Ginni Filaments fiscal Q4 profit falls YOY

Ginni Filaments Ltd said its normalized net income for the fiscal fourth quarter ended March 31 amounted to 41 Indian paise per share, a decrease of 61.0% from 1.06 rupees per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 32.2 million rupees, a decline of 62.7% from 86.1 million rupees in the prior-year period.

The normalized profit margin dropped to 1.2% from 3.9% in the year-earlier period.

Total revenue climbed on an annual basis to 2.27 billion rupees from 2.23 billion rupees, and total operating expenses increased from the prior-year period to 2.12 billion rupees from 2.06 billion rupees.

Reported net income rose 22.3% from the prior-year period to 9.5 million rupees, or 12 paise per share, from 7.8 million rupees, or 10 paise per share.

For the year, the company's normalized net income totaled 1.32 rupees per share, a decline of 76.6% from 5.62 rupees per share in the prior year.

Normalized net income was 93.1 million rupees, a decrease of 76.6% from 397.4 million rupees in the prior year.

Full-year total revenue fell from the prior-year period to 8.48 billion rupees from 8.68 billion rupees, and total operating expenses rose year over year to 7.88 billion rupees from 7.73 billion rupees.

The company said reported net income decreased 79.9% year over year to 71.8 million rupees, or 1.02 rupees per share, in the full year, from 356.7 million rupees, or 5.05 rupees per share.

As of July 10, US$1 was equivalent to 63.32 Indian rupees.