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Mohit Industries fiscal Q1 profit climbs 7.2% YOY

Mohit Industries Ltd. said its normalized net income for the fiscal first quarter ended June 30 was 55 Indian paise per share, an increase of 6.7% from 51 paise per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 7.8 million rupees, a gain of 7.2% from 7.3 million rupees in the year-earlier period.

The normalized profit margin dropped to 1.2% from 1.4% in the year-earlier period.

Total revenue climbed 24.1% year over year to 650.9 million rupees from 524.3 million rupees, and total operating expenses rose 24.4% on an annual basis to 616.6 million rupees from 495.8 million rupees.

Reported net income increased 7.3% from the prior-year period to 10.0 million rupees, or 70 paise per share, from 9.3 million rupees, or 66 paise per share.

As of Aug. 14, US$1 was equivalent to 60.85 Indian rupees.