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Vardhman Acrylics fiscal Q1 profit falls YOY

Vardhman Acrylics Ltd said its normalized net income for the fiscal first quarter ended June 30 was 91 Indian paise per share, a decrease of 40.7% from 1.53 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 84.0 million rupees, a decline of 41.3% from 143.0 million rupees in the year-earlier period.

The normalized profit margin fell to 6.4% from 12.6% in the year-earlier period.

Total revenue rose 15.0% on an annual basis to 1.30 billion rupees from 1.13 billion rupees, and total operating expenses grew 29.3% on an annual basis to 1.17 billion rupees from 903.9 million rupees.

Reported net income fell 51.0% year over year to 88.8 million rupees, or 96 paise per share, from 181.3 million rupees, or 1.94 rupees per share.

As of Aug. 4, US$1 was equivalent to 61.01 Indian rupees.