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Sir Shadi Lal Enterprises swings to profit in fiscal Q2

Sir Shadi Lal Enterprises Ltd. said its normalized net income for the fiscal second quarter ended Sept. 30 was 17.92 Indian rupees per share, compared with a loss of 6.59 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 94.1 million rupees, compared with a loss of 34.6 million rupees in the prior-year period.

The normalized profit margin climbed to 14.4% from negative 2.9% in the year-earlier period.

Total revenue fell 44.9% on an annual basis to 653.5 million rupees from 1.19 billion rupees, and total operating expenses declined 62.4% on an annual basis to 443.6 million rupees from 1.18 billion rupees.

Reported net income totaled 150.6 million rupees, or 28.68 rupees per share, compared to a loss of 55.4 million rupees, or a loss of 10.55 rupees per share, in the prior-year period.

As of Oct. 30, US$1 was equivalent to 65.41 Indian rupees.