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Rajapalayam Mills swings to profit in fiscal Q4

Rajapalayam Mills Ltd said its normalized net income for the fiscal fourth quarter ended March 31 was 10.76 Indian rupees per share, compared with a loss of 2.35 rupees per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 78.3 million rupees, compared with a loss of 18.0 million rupees in the prior-year period.

The normalized profit margin rose to 53.5% from negative 1.7% in the year-earlier period.

Total revenue rose on an annual basis to 1.08 billion rupees from 1.06 billion rupees, and total operating expenses decreased on an annual basis to 998.9 million rupees from 1.04 billion rupees.

Reported net income totaled 116.4 million rupees, or 16.00 rupees per share, compared to a loss of 30.7 million rupees, or a loss of 4.00 rupees per share, in the prior-year period.

For the year, the company's normalized net income totaled 24.60 rupees per share, a gain from 7.69 rupees per share in the prior year.

Normalized net income was 181.5 million rupees, a rise from 56.7 million rupees in the prior year.

Full-year total revenue rose on an annual basis to 3.95 billion rupees from 3.89 billion rupees, and total operating expenses came to 3.57 billion rupees, compared with 3.58 billion rupees in the prior-year period.

The company said reported net income increased 95.4% on an annual basis to 235.3 million rupees, or 31.90 rupees per share, in the full year, from 120.4 million rupees, or 16.33 rupees per share.

As of July 12, US$1 was equivalent to 67.08 Indian rupees.