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Porwal Auto Components swings to profit in fiscal Q2

Porwal Auto Components Ltd. said its normalized net income for the fiscal second quarter ended Sept. 30 came to 10 Indian paise per share, compared with a loss of 20 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 1.5 million rupees, compared with a loss of 3.0 million rupees in the prior-year period.

The normalized profit margin climbed to 1.0% from negative 3.1% in the year-earlier period.

Total revenue increased 58.1% year over year to 157.1 million rupees from 99.4 million rupees, and total operating expenses increased 45.1% on an annual basis to 150.0 million rupees from 103.4 million rupees.

Reported net income totaled 2.4 million rupees, or 16 paise per share, compared to a loss of 4.9 million rupees, or a loss of 32 paise per share, in the year-earlier period.

As of Oct. 30, US$1 was equivalent to 61.37 Indian rupees.