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Vardhman Acrylics fiscal Q2 profit falls YOY

Vardhman Acrylics Ltd said its normalized net income for the fiscal second quarter ended Sept. 30 amounted to 80 Indian paise per share, a decline of 18.4% from 98 paise per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 74.0 million rupees, a decline of 18.6% from 90.9 million rupees in the prior-year period.

The normalized profit margin declined to 6.4% from 7.0% in the year-earlier period.

Total revenue fell 10.6% on an annual basis to 1.16 billion rupees from 1.30 billion rupees, and total operating expenses declined 9.1% on an annual basis to 1.05 billion rupees from 1.15 billion rupees.

Reported net income fell 24.9% year over year to 79.0 million rupees, or 85 paise per share, from 105.2 million rupees, or 1.13 rupees per share.

As of Oct. 26, US$1 was equivalent to 64.84 Indian rupees.