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Sumeet Industries fiscal Q3 profit falls YOY

Sumeet Industries Ltd. said its normalized net income for the fiscal third quarter ended Dec. 31, 2015, was 84 Indian paise per share, a decrease of 32.1% from 1.23 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 48.7 million rupees, a decrease of 31.7% from 71.3 million rupees in the prior-year period.

The normalized profit margin declined to 1.7% from 1.9% in the year-earlier period.

Total revenue declined 22.3% on an annual basis to 2.87 billion rupees from 3.70 billion rupees, and total operating expenses decreased 23.5% year over year to 2.67 billion rupees from 3.49 billion rupees.

Reported net income decreased 38.0% on an annual basis to 60.0 million rupees, or 1.03 rupees per share, from 96.8 million rupees, or 1.67 rupees per share.

As of Feb. 12, US$1 was equivalent to 68.19 Indian rupees.