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Bannari Amman Spinning Mills fiscal Q2 profit climbs YOY

Bannari Amman Spinning Mills Ltd. said its normalized net income for the fiscal second quarter ended Sept. 30 came to 4.74 Indian rupees per share, an increase from 1.63 rupees per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 74.8 million rupees, an increase from 25.7 million rupees in the year-earlier period.

The normalized profit margin climbed to 3.7% from 1.6% in the year-earlier period.

Total revenue rose 25.9% year over year to 2.01 billion rupees from 1.60 billion rupees, and total operating expenses increased 23.5% from the prior-year period to 1.80 billion rupees from 1.46 billion rupees.

Reported net income grew from the prior-year period to 79.3 million rupees, or 5.03 rupees per share, from 25.8 million rupees, or 1.64 rupees per share.

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