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Swarnsarita Gems fiscal Q3 profit climbs 5.4% YOY

Swarnsarita Gems Ltd. said its normalized net income for the fiscal third quarter ended Dec. 31, 2015, amounted to 26 Indian paise per share, an increase of 7.3% from 24 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 5.3 million rupees, an increase of 5.4% from 5.1 million rupees in the prior-year period.

The normalized profit margin dropped to 0.6% from 0.8% in the year-earlier period.

Total revenue grew 31.7% on an annual basis to 836.6 million rupees from 635.1 million rupees, and total operating expenses climbed 29.9% on an annual basis to 798.8 million rupees from 614.8 million rupees.

Reported net income rose 5.4% year over year to 6.0 million rupees, or 29 paise per share, from 5.7 million rupees, or 27 paise per share.

As of Feb. 23, US$1 was equivalent to 68.57 Indian rupees.