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Deepak Spinners fiscal Q2 profit falls YOY

Deepak Spinners Ltd. said its normalized net income for the fiscal second quarter ended Sept. 30 amounted to 85 Indian paise per share, a decrease of 89.2% from 7.91 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 6.1 million rupees, a decrease of 89.2% from 56.8 million rupees in the year-earlier period.

The normalized profit margin fell to 0.5% from 5.3% in the year-earlier period.

Total revenue rose on an annual basis to 1.12 billion rupees from 1.08 billion rupees, and total operating expenses climbed 11.3% on an annual basis to 1.07 billion rupees from 958.3 million rupees.

Reported net income declined 87.2% on an annual basis to 5.9 million rupees, or 82 paise per share, from 46.2 million rupees, or 6.43 rupees per share.

As of Nov. 17, US$1 was equivalent to 61.80 Indian rupees.