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Deepak Spinners fiscal Q2 profit climbs YOY

Deepak Spinners Ltd said its normalized net income for the fiscal second quarter ended Sept. 30 was 3.79 Indian rupees per share, a gain from 85 paise per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 27.3 million rupees, a gain from 6.1 million rupees in the year-earlier period.

The normalized profit margin rose to 2.6% from 0.5% in the year-earlier period.

Total revenue decreased 7.6% on an annual basis to 1.03 billion rupees from 1.12 billion rupees, and total operating expenses decreased 9.3% from the prior-year period to 967.5 million rupees from 1.07 billion rupees.

Reported net income grew on an annual basis to 28.5 million rupees, or 3.96 rupees per share, from 5.9 million rupees, or 82 paise per share.

As of Nov. 4, US$1 was equivalent to 65.45 Indian rupees.