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PPAP Automotive fiscal Q3 profit climbs 86.3% YOY

PPAP Automotive Ltd. said its normalized net income for the fiscal third quarter ended Dec. 31, 2015, amounted to 2.17 Indian rupees per share, an increase of 86.7% from 1.16 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 30.3 million rupees, a gain of 86.3% from 16.3 million rupees in the prior-year period.

The normalized profit margin increased to 4.2% from 2.3% in the year-earlier period.

Total revenue came to 717.8 million rupees, compared with 714.6 million rupees in the year-earlier period, and total operating expenses fell year over year to 654.7 million rupees from 685.4 million rupees.

Reported net income rose 49.1% year over year to 35.1 million rupees, or 2.51 rupees per share, from 23.6 million rupees, or 1.68 rupees per share.

As of Feb. 3, US$1 was equivalent to 68.01 Indian rupees.