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Cheviot fiscal Q1 profit falls YOY

Cheviot Co. Ltd. said its normalized net income for the fiscal first quarter ended June 30 was 5.48 Indian rupees per share, a decline of 60.4% from 13.82 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 24.7 million rupees, a decrease of 60.3% from 62.4 million rupees in the prior-year period.

The normalized profit margin fell to 4.9% from 10.1% in the year-earlier period.

Total revenue declined 17.7% year over year to 507.5 million rupees from 616.6 million rupees, and total operating expenses declined 8.3% year over year to 490.2 million rupees from 534.7 million rupees.

Reported net income decreased 57.4% from the prior-year period to 32.7 million rupees, or 7.24 rupees per share, from 76.6 million rupees, or 16.99 rupees per share.

As of Aug. 8, US$1 was equivalent to 61.15 Indian rupees.