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SR Industries fiscal Q2 profit falls YOY

S.R. Industries Ltd. said its normalized net income for the fiscal second quarter ended Sept. 30 came to 7 Indian paise per share, a decline of 63.3% from 19 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 937,500 rupees, a decrease of 64.5% from 2.6 million rupees in the year-earlier period.

The normalized profit margin fell to 0.7% from 1.9% in the year-earlier period.

Total revenue decreased 9.5% on an annual basis to 128.9 million rupees from 142.4 million rupees, and total operating expenses declined 9.5% from the prior-year period to 110.7 million rupees from 122.3 million rupees.

Reported net income decreased 64.5% year over year to 1.5 million rupees, or 11 paise per share, from 4.2 million rupees, or 30 paise per share.

As of Oct. 15, US$1 was equivalent to 61.40 Indian rupees.