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Investment Banking Essentials: February 21

Sinnar Bidi Udyog swings to profit in fiscal Q3

Sinnar Bidi Udyog Ltd said its normalized net income for the fiscal third quarter ended Dec. 31, 2015, was 2.19 Indian rupees per share, compared with a loss of 94 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 437,500 rupees, compared with a loss of 187,500 rupees in the year-earlier period.

The normalized profit margin rose to 1.5% from negative 0.9% in the year-earlier period.

Total revenue climbed 43.1% on an annual basis to 29.2 million rupees from 20.4 million rupees, and total operating expenses rose 46.4% year over year to 26.8 million rupees from 18.3 million rupees.

Reported net income totaled 400,000 rupees, or 2.00 rupees per share, compared to a loss of 400,000 rupees, or a loss of 2.00 rupees per share, in the year-earlier period.

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