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Aarvee Denims & Exports fiscal Q2 profit climbs YOY

Aarvee Denims and Exports Ltd said its normalized net income for the fiscal second quarter ended Sept. 30 came to 1.68 Indian rupees per share, an increase from 44 paise per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 37.1 million rupees, a gain from 10.4 million rupees in the prior-year period.

The normalized profit margin increased to 1.9% from 0.5% in the year-earlier period.

Total revenue grew year over year to 2.00 billion rupees from 1.92 billion rupees, and total operating expenses grew year over year to 1.85 billion rupees from 1.82 billion rupees.

Reported net income declined 90.9% year over year to 1.5 million rupees, or 7 paise per share, from 17.0 million rupees, or 72 paise per share.

As of Nov. 2, US$1 was equivalent to 65.58 Indian rupees.