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Sumeet Industries fiscal Q1 profit climbs 43.2% YOY

Sumeet Industries Ltd. said its normalized net income for the fiscal first quarter ended June 30 was 93 Indian paise per share, an increase of 43.4% from 65 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 54.3 million rupees, a gain of 43.2% from 37.9 million rupees in the year-earlier period.

The normalized profit margin climbed to 1.8% from 1.7% in the year-earlier period.

Total revenue climbed 35.0% on an annual basis to 2.96 billion rupees from 2.19 billion rupees, and total operating expenses climbed 38.4% from the prior-year period to 2.80 billion rupees from 2.03 billion rupees.

Reported net income grew 25.7% on an annual basis to 62.1 million rupees, or 1.07 rupees per share, from 49.5 million rupees, or 85 paise per share.

As of Aug. 12, US$1 was equivalent to 61.08 Indian rupees.