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Steel Strips Wheels profit holds relatively steady YOY in fiscal Q1

Steel Strips Wheels Ltd. said its normalized net income for the fiscal first quarter ended June 30 came to 2.60 Indian rupees per share, compared with 2.62 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 39.7 million rupees, compared with 39.9 million rupees in the prior-year period.

The normalized profit margin declined to 1.4% from 1.6% in the year-earlier period.

Total revenue climbed 12.9% on an annual basis to 2.76 billion rupees from 2.45 billion rupees, and total operating expenses rose 14.3% on an annual basis to 2.67 billion rupees from 2.33 billion rupees.

Reported net income came to 62.3 million rupees, or 4.08 rupees per share, compared to 62.0 million rupees, or 4.07 rupees per share, in the year-earlier period.

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