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Binny Mills fiscal Q1 profit climbs YOY

Binny Mills Ltd said its normalized net income for the fiscal first quarter ended June 30 was 64 Indian paise per share, an increase from 5 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 2.0 million rupees, a gain from 168,300 rupees in the prior-year period.

The normalized profit margin rose to 11.3% from 0.9% in the year-earlier period.

Total revenue came to 18.2 million rupees, compared with 18.3 million rupees in the year-earlier period, and total operating expenses fell 17.3% on an annual basis to 14.9 million rupees from 18.0 million rupees.

Reported net income increased year over year to 2.3 million rupees, or 71 paise per share, from 184,320 rupees, or 6 paise per share.

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