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Mohit Industries fiscal Q2 profit falls YOY

Mohit Industries Ltd. said its normalized net income for the fiscal second quarter ended Sept. 30 was 33 Indian paise per share, a decline of 39.9% from 55 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 4.7 million rupees, a decline of 39.2% from 7.7 million rupees in the year-earlier period.

The normalized profit margin declined to 1.0% from 1.2% in the year-earlier period.

Total revenue fell 26.5% on an annual basis to 488.3 million rupees from 664.5 million rupees, and total operating expenses declined 27.7% from the prior-year period to 456.7 million rupees from 631.9 million rupees.

Reported net income declined 40.8% on an annual basis to 5.8 million rupees, or 41 paise per share, from 9.9 million rupees, or 70 paise per share.

As of Nov. 10, US$1 was equivalent to 66.24 Indian rupees.