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Shivam Autotech fiscal Q1 profit climbs YOY

Shivam Autotech Ltd. said its normalized net income for the fiscal first quarter ended June 30 amounted to 64 Indian paise per share, an increase from 62 paise per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 63.8 million rupees, a gain from 62.2 million rupees in the year-earlier period.

The normalized profit margin climbed to 5.6% from 5.4% in the year-earlier period.

Total revenue declined on an annual basis to 1.13 billion rupees from 1.14 billion rupees, and total operating expenses decreased on an annual basis to 978.9 million rupees from 996.3 million rupees.

Reported net income decreased from the prior-year period to 77.6 million rupees, or 78 paise per share, from 79.7 million rupees, or 80 paise per share.

As of Aug. 4, US$1 was equivalent to 63.75 Indian rupees.