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IP Rings swings to profit in fiscal Q3

IP Rings Ltd said its normalized net income for the fiscal third quarter ended Dec. 31, 2014, came to 3 Indian paise per share, compared with a loss of 60 paise per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 239,380 rupees, compared with a loss of 4.3 million rupees in the year-earlier period.

The normalized profit margin rose to 0.1% from negative 2.1% in the year-earlier period.

Total revenue grew 31.8% on an annual basis to 265.8 million rupees from 201.7 million rupees, and total operating expenses climbed 28.3% on an annual basis to 245.2 million rupees from 191.1 million rupees.

Reported net income came to 2.5 million rupees, or 36 paise per share, compared to a loss of 19.1 million rupees, or a loss of 2.71 rupees per share, in the prior-year period.

As of Feb. 10, US$1 was equivalent to 62.38 Indian rupees.