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Shiva Texyarn fiscal Q2 profit climbs YOY

Shiva Texyarn Ltd. said its normalized net income for the fiscal second quarter ended Sept. 30 amounted to 2.65 Indian rupees per share, an increase from 47 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 34.3 million rupees, an increase from 6.1 million rupees in the prior-year period.

The normalized profit margin increased to 3.1% from 0.5% in the year-earlier period.

Total revenue totaled 1.12 billion rupees, compared with 1.13 billion rupees in the year-earlier period, and total operating expenses fell from the prior-year period to 1.01 billion rupees from 1.06 billion rupees.

Reported net income grew year over year to 50.8 million rupees, or 3.92 rupees per share, from 17.6 million rupees, or 1.35 rupees per share.

As of Nov. 12, US$1 was equivalent to 66.10 Indian rupees.