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Orosil Smiths India swings to profit in fiscal Q2

Orosil Smiths India Ltd said its normalized net income for the fiscal second quarter ended Sept. 30 amounted to 51,880 rupees, compared with a loss of 1.0 million rupees in the year-earlier period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin increased to 0.4% from negative 10.5% in the year-earlier period.

Total revenue grew 31.0% on an annual basis to 12.5 million rupees from 9.5 million rupees, and total operating expenses increased 11.9% from the prior-year period to 12.7 million rupees from 11.3 million rupees.

Reported net income came to 83,000 rupees, or 0 paise per share, compared to a loss of 1.6 million rupees, or a loss of 4 paise per share, in the prior-year period.

As of Oct. 28, US$1 was equivalent to 64.92 Indian rupees.