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Acknit Industries fiscal Q4 profit climbs 14.9% YOY

Acknit Industries Ltd said its normalized net income for the fiscal fourth quarter ended March 31 was 2.85 Indian rupees per share, a gain of 14.9% from 2.48 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 7.2 million rupees, a gain of 14.9% from 6.3 million rupees in the year-earlier period.

The normalized profit margin increased to 1.9% from 1.5% in the year-earlier period.

Total revenue climbed on an annual basis to 416.9 million rupees from 409.9 million rupees, and total operating expenses grew on an annual basis to 407.7 million rupees from 392.2 million rupees.

Reported net income grew 65.9% year over year to 8.7 million rupees, or 3.45 rupees per share, from 5.2 million rupees, or 2.08 rupees per share.

For the year, the company's normalized net income totaled 10.72 rupees per share, a gain of 10.3% from 9.72 rupees per share in the prior year.

Normalized net income was 27.0 million rupees, an increase of 10.3% from 24.5 million rupees in the prior year.

Full-year total revenue increased 10.8% year over year to 1.49 billion rupees from 1.34 billion rupees, and total operating expenses increased 12.7% year over year to 1.44 billion rupees from 1.28 billion rupees.

The company said reported net income increased 22.0% year over year to 30.1 million rupees, or 11.93 rupees per share, in the full year, from 24.6 million rupees, or 9.78 rupees per share.

As of July 15, US$1 was equivalent to 63.50 Indian rupees.