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Shekhawati Poly-Yarn fiscal Q1 profit falls YOY

Shekhawati Poly-Yarn Ltd. said its normalized net income for the fiscal first quarter ended June 30 was 4 Indian paise per share, a decline of 55.6% from 8 paise per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 7.6 million rupees, a decrease of 56.8% from 17.7 million rupees in the prior-year period.

The normalized profit margin dropped to 1.4% from 2.1% in the year-earlier period.

Total revenue decreased 33.5% year over year to 553.5 million rupees from 831.9 million rupees, and total operating expenses decreased 33.7% year over year to 516.0 million rupees from 778.2 million rupees.

Reported net income decreased 56.8% from the prior-year period to 8.2 million rupees, or 4 paise per share, from 18.9 million rupees, or 9 paise per share.

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