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Jaipan Industries fiscal Q2 profit falls YOY

Jaipan Industries Ltd. said its normalized net income for the fiscal second quarter ended Sept. 30 amounted to 5 Indian paise per share, a decline of 52.9% from 11 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 296,250 rupees, a decline of 54.2% from 647,500 rupees in the year-earlier period.

The normalized profit margin fell to 0.5% from 0.6% in the year-earlier period.

Total revenue decreased 41.5% on an annual basis to 63.2 million rupees from 108.1 million rupees, and total operating expenses declined 42.4% year over year to 60.6 million rupees from 105.3 million rupees.

Reported net income declined 54.2% year over year to 474,000 rupees, or 8 paise per share, from 1.0 million rupees, or 17 paise per share.

As of Nov. 17, US$1 was equivalent to 61.80 Indian rupees.