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Kanco Tea & Industries fiscal Q1 profit climbs 29.8% YOY

Kanco Tea & Industries Ltd said its normalized net income for the fiscal first quarter ended June 30 came to 2.23 Indian rupees per share, an increase of 29.8% from 1.72 rupees per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 11.4 million rupees, an increase of 29.8% from 8.8 million rupees in the prior-year period.

The normalized profit margin climbed to 22.5% from 18.8% in the year-earlier period.

Total revenue increased 8.3% on an annual basis to 50.9 million rupees from 47.0 million rupees, and total operating expenses fell year over year to 32.0 million rupees from 32.4 million rupees.

Reported net income rose 43.0% on an annual basis to 18.3 million rupees, or 3.57 rupees per share, from 12.8 million rupees, or 2.50 rupees per share.

As of Aug. 3, US$1 was equivalent to 63.97 Indian rupees.