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Sangam (India) fiscal Q1 profit climbs 37.3% YOY

Sangam (India) Ltd said its normalized net income for the fiscal first quarter ended June 30 came to 2.67 Indian rupees per share, compared with the S&P Capital IQ consensus estimate of 2.51 rupees per share.

EPS rose 37.5% year over year from 1.94 rupees.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 105.1 million rupees, a gain of 37.3% from 76.5 million rupees in the prior-year period.

The normalized profit margin rose to 2.8% from 2.1% in the year-earlier period.

Total revenue increased on an annual basis to 3.73 billion rupees from 3.66 billion rupees, and total operating expenses totaled 3.41 billion rupees, compared with 3.38 billion rupees in the prior-year period.

Reported net income grew 88.1% from the prior-year period to 113.4 million rupees, or 2.88 rupees per share, from 60.3 million rupees, or 1.53 rupees per share.

As of Aug. 1, US$1 was equivalent to 60.84 Indian rupees.