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Virat Industries fiscal Q3 profit falls YOY

Virat Industries Ltd. said its normalized net income for the fiscal third quarter ended Dec. 31, 2014, amounted to 93 Indian paise per share, a decline of 41.3% from 1.58 rupees per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 4.6 million rupees, a decline of 40.9% from 7.8 million rupees in the prior-year period.

The normalized profit margin dropped to 8.9% from 15.3% in the year-earlier period.

Total revenue climbed on an annual basis to 51.3 million rupees from 50.7 million rupees, and total operating expenses increased 14.7% on an annual basis to 45.3 million rupees from 39.5 million rupees.

Reported net income declined 35.2% from the prior-year period to 5.4 million rupees, or 1.10 rupees per share, from 8.4 million rupees, or 1.71 rupees per share.

As of Feb. 13, US$1 was equivalent to 62.03 Indian rupees.