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SAR Auto fiscal Q3 loss narrows YOY

SAR Auto Products Ltd. said its normalized net income for the fiscal third quarter ended Dec. 31, 2015, came to a loss of 4 Indian paise per share, compared with a loss of 3.98 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 a loss of 221,250 rupees, compared with a loss of 19.0 million rupees in the prior-year period.

The normalized profit margin was 6.4%.

Total revenue rose 64.2% on an annual basis to 3.5 million rupees from 2.1 million rupees, and total operating expenses fell 81.8% from the prior-year period to 6.3 million rupees from 34.6 million rupees.

Reported net income totaled a loss of 354,000 rupees, or a loss of 7 paise per share, compared to a loss of 30.3 million rupees, or a loss of 6.37 rupees per share, in the prior-year period.

As of Feb. 8, US$1 was equivalent to 68.00 Indian rupees.