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Sambandam Spinning Mills fiscal Q1 profit climbs 54.6% YOY

Sambandam Spinning Mills Ltd. said its normalized net income for the fiscal first quarter ended June 30 amounted to 7.90 Indian rupees per share, a gain of 54.5% from 5.11 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 33.7 million rupees, an increase of 54.6% from 21.8 million rupees in the year-earlier period.

The normalized profit margin climbed to 4.8% from 3.8% in the year-earlier period.

Total revenue rose 21.3% year over year to 696.2 million rupees from 573.8 million rupees, and total operating expenses grew 20.7% on an annual basis to 610.6 million rupees from 505.8 million rupees.

Reported net income grew 7.9% year over year to 37.6 million rupees, or 8.82 rupees per share, from 34.9 million rupees, or 8.18 rupees per share.

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