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Maharashtra Scooters fiscal Q3 profit falls YOY

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Maharashtra Scooters fiscal Q3 profit falls YOY

Maharashtra Scooters Ltd. said its normalized net income for the fiscal third quarter ended Dec. 31, 2015, came to 1.01 Indian rupees per share, a decrease of 30.0% from 1.44 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 11.5 million rupees, a decline of 30.3% from 16.5 million rupees in the prior-year period.

The normalized profit margin dropped to 50.7% from 118.7% in the year-earlier period.

Total revenue rose 63.3% on an annual basis to 22.7 million rupees from 13.9 million rupees, and total operating expenses rose 26.4% year over year to 37.4 million rupees from 29.6 million rupees.

Reported net income decreased 30.3% year over year to 18.4 million rupees, or 1.61 rupees per share, from 26.4 million rupees, or 2.30 rupees per share.

As of Feb. 2, US$1 was equivalent to 67.97 Indian rupees.