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Sri Lakshmi Saraswathi Textiles fiscal Q1 profit falls YOY

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Sri Lakshmi Saraswathi Textiles fiscal Q1 profit falls YOY

Sri Lakshmi Saraswathi Textiles (Arni) Ltd said its normalized net income for the fiscal first quarter ended June 30 amounted to 51 Indian paise per share, a decline of 79.7% from 2.52 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 1.7 million rupees, a decline of 79.8% from 8.4 million rupees in the prior-year period.

The normalized profit margin fell to 0.6% from 2.6% in the year-earlier period.

Total revenue declined 9.9% on an annual basis to 287.3 million rupees from 318.8 million rupees, and total operating expenses decreased 6.6% from the prior-year period to 282.2 million rupees from 302.3 million rupees.

Reported net income decreased 79.8% on an annual basis to 2.7 million rupees, or 82 paise per share, from 13.5 million rupees, or 4.04 rupees per share.

As of July 31, US$1 was equivalent to 60.88 Indian rupees.