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Kallam Spinning Mills fiscal Q1 profit falls YOY

Kallam Textiles Ltd said its normalized net income for the fiscal first quarter ended June 30 was 55 Indian paise per share, a decrease of 26.0% from 74 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 23.5 million rupees, a decrease of 26.0% from 31.8 million rupees in the prior-year period.

The normalized profit margin dropped to 4.2% from 6.6% in the year-earlier period.

Total revenue increased 15.3% on an annual basis to 558.1 million rupees from 484.1 million rupees, and total operating expenses grew 20.5% from the prior-year period to 492.5 million rupees from 408.8 million rupees.

Reported net income fell 8.1% on an annual basis to 37.6 million rupees, or 88 paise per share, from 41.0 million rupees, or 96 paise per share.

As of Aug. 11, US$1 was equivalent to 61.19 Indian rupees.