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Shiva Texyarn fiscal Q4 profit falls YOY

Shiva Texyarn Ltd. said its normalized net income for the fiscal fourth quarter ended March 31 came to 55 Indian paise per share, a decline of 62.5% from 1.46 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 7.1 million rupees, a decrease of 62.6% from 18.9 million rupees in the prior-year period.

The normalized profit margin dropped to 0.6% from 1.2% in the year-earlier period.

Total revenue decreased 22.8% on an annual basis to 1.19 billion rupees from 1.54 billion rupees, and total operating expenses declined 21.9% year over year to 1.12 billion rupees from 1.43 billion rupees.

Reported net income decreased 71.2% year over year to 6.9 million rupees, or 53 paise per share, from 23.9 million rupees, or 1.85 rupees per share.

For the year, the company's normalized net income totaled 6.25 rupees per share, a decrease of 56.8% from 14.47 rupees per share in the prior year.

Normalized net income was 81.1 million rupees, a decrease of 56.8% from 187.6 million rupees in the prior year.

Full-year total revenue declined 7.8% on an annual basis to 4.65 billion rupees from 5.04 billion rupees, and total operating expenses declined 5.4% year over year to 4.27 billion rupees from 4.52 billion rupees.

The company said reported net income declined 57.4% on an annual basis to 88.9 million rupees, or 6.86 rupees per share, in the full year, from 208.6 million rupees, or 16.09 rupees per share.

As of May 29, US$1 was equivalent to 63.76 Indian rupees.