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Menon Bearings fiscal Q1 profit climbs YOY

Menon Bearings Ltd. said its normalized net income for the fiscal first quarter ended June 30 amounted to 37 Indian paise per share, compared with the S&P Capital IQ consensus estimate of 35 paise per share.

EPS rose year over year from 15 paise.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 20.7 million rupees, a gain from 8.2 million rupees in the prior-year period.

The normalized profit margin climbed to 8.7% from 3.9% in the year-earlier period.

Total revenue rose 13.9% on an annual basis to 239.2 million rupees from 210.0 million rupees, and total operating expenses climbed 5.4% from the prior-year period to 202.3 million rupees from 192.0 million rupees.

Reported net income rose year over year to 22.4 million rupees, or 40 paise per share, from 8.8 million rupees, or 16 paise per share.

As of July 23, US$1 was equivalent to 59.95 Indian rupees.