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Vaibhav Global fiscal Q1 profit falls YOY

Vaibhav Global Ltd said its normalized net income for the fiscal first quarter ended June 30 came to 4.88 Indian rupees per share, a decrease of 37.8% from 7.84 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 158.8 million rupees, a decline of 37.7% from 254.8 million rupees in the prior-year period.

The normalized profit margin dropped to 5.3% from 10.2% in the year-earlier period.

Total revenue increased 20.3% year over year to 3.01 billion rupees from 2.51 billion rupees, and total operating expenses grew 27.5% year over year to 2.77 billion rupees from 2.17 billion rupees.

Reported net income decreased 45.5% on an annual basis to 218.2 million rupees, or 6.70 rupees per share, from 400.3 million rupees, or 12.31 rupees per share.

As of July 25, US$1 was equivalent to 60.01 Indian rupees.