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JMT Auto fiscal Q1 profit falls YOY

JMT Auto Ltd said its normalized net income for the fiscal first quarter ended June 30 came to 2 Indian paise per share, a decline of 74.2% from 7 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 8.3 million rupees, a decline of 75.5% from 34.1 million rupees in the year-earlier period.

The normalized profit margin fell to 1.0% from 2.8% in the year-earlier period.

Total revenue fell 31.3% year over year to 833.5 million rupees from 1.21 billion rupees, and total operating expenses declined 30.7% from the prior-year period to 778.4 million rupees from 1.12 billion rupees.

Reported net income decreased 52.9% on an annual basis to 16.9 million rupees, or 4 paise per share, from 35.9 million rupees, or 7 paise per share.

As of Aug. 14, US$1 was equivalent to 65.08 Indian rupees.