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Virat Industries fiscal Q1 profit falls YOY

Virat Industries Ltd. said its normalized net income for the fiscal first quarter ended June 30 amounted to 1.25 Indian rupees per share, a decrease of 28.9% from 1.76 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 6.1 million rupees, a decrease of 29.0% from 8.6 million rupees in the year-earlier period.

The normalized profit margin declined to 12.7% from 16.5% in the year-earlier period.

Total revenue declined 8.1% year over year to 48.2 million rupees from 52.5 million rupees, and total operating expenses declined 6.2% on an annual basis to 39.3 million rupees from 41.9 million rupees.

Reported net income declined 27.9% from the prior-year period to 6.7 million rupees, or 1.37 rupees per share, from 9.3 million rupees, or 1.90 rupees per share.

As of Aug. 13, US$1 was equivalent to 61.07 Indian rupees.