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Nitin Spinners fiscal Q1 profit falls YOY

Nitin Spinners Ltd. said its normalized net income for the fiscal first quarter ended June 30 amounted to 1.63 Indian rupees per share, a decline from 1.65 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 74.8 million rupees, compared with 75.4 million rupees in the prior-year period.

The normalized profit margin dropped to 5.6% from 6.4% in the year-earlier period.

Total revenue grew 13.3% on an annual basis to 1.33 billion rupees from 1.17 billion rupees, and total operating expenses grew 16.6% from the prior-year period to 1.16 billion rupees from 998.8 million rupees.

Reported net income increased 8.8% year over year to 87.7 million rupees, or 1.91 rupees per share, from 80.6 million rupees, or 1.76 rupees per share.

As of July 29, US$1 was equivalent to 60.26 Indian rupees.