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Enkei Wheels fiscal Q1 profit climbs YOY

Enkei Wheels (India) Ltd. said its normalized net income for the fiscal first quarter ended June 30 was 1.50 Indian rupees per share, a gain from 30 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 20.1 million rupees, an increase from 3.8 million rupees in the prior-year period.

The normalized profit margin climbed to 1.8% from 0.5% in the year-earlier period.

Total revenue rose 39.0% on an annual basis to 1.11 billion rupees from 796.5 million rupees, and total operating expenses increased 38.3% from the prior-year period to 1.06 billion rupees from 768.0 million rupees.

Reported net income grew from the prior-year period to 25.6 million rupees, or 1.91 rupees per share, from 4.8 million rupees, or 38 paise per share.

As of July 28, US$1 was equivalent to 63.82 Indian rupees.