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Deepak Spinners fiscal Q1 profit climbs 46.1% YOY

Deepak Spinners Ltd said its normalized net income for the fiscal first quarter ended June 30 amounted to 3.77 Indian rupees per share, an increase of 46.2% from 2.58 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 27.1 million rupees, an increase of 46.1% from 18.6 million rupees in the year-earlier period.

The normalized profit margin increased to 2.5% from 1.7% in the year-earlier period.

Total revenue decreased year over year to 1.09 billion rupees from 1.11 billion rupees, and total operating expenses fell year over year to 1.02 billion rupees from 1.05 billion rupees.

Reported net income increased 69.8% on an annual basis to 29.2 million rupees, or 4.06 rupees per share, from 17.2 million rupees, or 2.39 rupees per share.

As of Aug. 6, US$1 was equivalent to 63.70 Indian rupees.