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India Motor Parts & Accessories fiscal Q2 profit falls YOY

India Motor Parts & Accessories Ltd. said its normalized net income for the fiscal second quarter ended Sept. 30 was 6.40 Indian rupees per share, a decrease of 36.9% from 10.13 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 53.2 million rupees, a decline of 36.9% from 84.3 million rupees in the prior-year period.

The normalized profit margin dropped to 4.4% from 6.7% in the year-earlier period.

Total revenue fell year over year to 1.21 billion rupees from 1.25 billion rupees, and total operating expenses declined from the prior-year period to 1.15 billion rupees from 1.17 billion rupees.

Reported net income decreased 39.5% on an annual basis to 61.9 million rupees, or 7.44 rupees per share, from 102.4 million rupees, or 12.31 rupees per share.

As of Nov. 4, US$1 was equivalent to 65.45 Indian rupees.