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Atharv Enterprises fiscal Q1 profit falls YOY

Atharv Enterprises Ltd said its normalized net income for the fiscal first quarter ended June 30 amounted to 593,260 rupees, a fall of 23.2% from 772,540 rupees in the prior-year period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin fell to 6.0% from 7.1% in the year-earlier period.

Total revenue declined 9.7% year over year to 9.8 million rupees from 10.9 million rupees, and total operating expenses declined 32.8% from the prior-year period to 8.9 million rupees from 13.2 million rupees.

Reported net income totaled 649,220 rupees, or 1 paise per share, compared to 836,060 rupees, or 1 paise per share, in the year-earlier period.

As of Aug. 13, US$1 was equivalent to 65.29 Indian rupees.