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Kalyani Forge swings to profit in fiscal Q3

Kalyani Forge Ltd said its normalized net income for the fiscal third quarter ended Dec. 31, 2015, amounted to 2.11 Indian rupees per share, compared with a loss of 4.34 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 7.7 million rupees, compared with a loss of 15.8 million rupees in the prior-year period.

The normalized profit margin rose to 1.4% from negative 2.7% in the year-earlier period.

Total revenue decreased 7.9% on an annual basis to 541.0 million rupees from 587.2 million rupees, and total operating expenses decreased 10.9% on an annual basis to 536.1 million rupees from 601.6 million rupees.

Reported net income came to 8.2 million rupees, or 2.25 rupees per share, compared to a loss of 16.9 million rupees, or a loss of 4.64 rupees per share, in the year-earlier period.

As of Feb. 2, US$1 was equivalent to 67.97 Indian rupees.