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Damodar Industries fiscal Q2 profit falls YOY

Damodar Industries Ltd said its normalized net income for the fiscal second quarter ended Sept. 30 amounted to 1.93 Indian rupees per share, a decline of 57.3% from 4.53 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 21.5 million rupees, a decrease of 57.4% from 50.4 million rupees in the year-earlier period.

The normalized profit margin dropped to 1.5% from 2.7% in the year-earlier period.

Total revenue decreased 22.1% year over year to 1.48 billion rupees from 1.89 billion rupees, and total operating expenses decreased 20.7% year over year to 1.39 billion rupees from 1.76 billion rupees.

Reported net income decreased 57.4% on an annual basis to 22.7 million rupees, or 2.04 rupees per share, from 53.1 million rupees, or 4.78 rupees per share.

As of Oct. 13, US$1 was equivalent to 61.02 Indian rupees.