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Scooters India swings to profit in fiscal Q1

Scooters India Ltd said its normalized net income for the fiscal first quarter ended June 30 came to 7 Indian paise per share, compared with a loss of 44 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 6.0 million rupees, compared with a loss of 23.4 million rupees in the year-earlier period.

The normalized profit margin increased to 1.7% from negative 7.1% in the year-earlier period.

Total revenue climbed 7.8% on an annual basis to 353.5 million rupees from 328.0 million rupees, and total operating expenses decreased 5.2% from the prior-year period to 358.7 million rupees from 378.3 million rupees.

Reported net income came to 9.6 million rupees, or 11 paise per share, compared to a loss of 37.5 million rupees, or a loss of 70 paise per share, in the year-earlier period.

As of Aug. 13, US$1 was equivalent to 61.07 Indian rupees.