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Shiva Texyarn fiscal Q3 profit falls YOY

Shiva Texyarn Ltd. said its normalized net income for the fiscal third quarter ended Dec. 31, 2014, was 69 Indian paise per share, a decrease of 75.7% from 2.83 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 8.9 million rupees, a decline of 75.8% from 36.6 million rupees in the prior-year period.

The normalized profit margin dropped to 0.7% from 3.2% in the year-earlier period.

Total revenue increased 5.6% on an annual basis to 1.20 billion rupees from 1.14 billion rupees, and total operating expenses grew 9.9% from the prior-year period to 1.13 billion rupees from 1.03 billion rupees.

Reported net income declined 61.6% year over year to 15.5 million rupees, or 1.20 rupees per share, from 40.3 million rupees, or 3.12 rupees per share.

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