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Mohit Industries fiscal Q1 profit climbs 58.0% YOY

Mohit Industries Ltd. said its normalized net income for the fiscal first quarter ended June 30 came to 87 Indian paise per share, an increase of 59.3% from 55 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 12.3 million rupees, an increase of 58.0% from 7.8 million rupees in the year-earlier period.

The normalized profit margin increased to 2.6% from 1.2% in the year-earlier period.

Total revenue declined 26.2% year over year to 480.6 million rupees from 650.9 million rupees, and total operating expenses fell 28.7% year over year to 439.5 million rupees from 616.6 million rupees.

Reported net income rose 57.3% year over year to 15.7 million rupees, or 1.11 rupees per share, from 10.0 million rupees, or 70 paise per share.

As of Aug. 12, US$1 was equivalent to 64.75 Indian rupees.