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Shree Rajasthan Syntex swings to profit in fiscal Q2

Shree Rajasthan Syntex Ltd said its normalized net income for the fiscal second quarter ended Sept. 30 came to 6 Indian paise per share, compared with a loss of 43 paise per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 750,000 rupees, compared with a loss of 5.2 million rupees in the year-earlier period.

The normalized profit margin increased to 0.1% from negative 0.7% in the year-earlier period.

Total revenue fell on an annual basis to 678.3 million rupees from 710.7 million rupees, and total operating expenses declined on an annual basis to 665.5 million rupees from 685.2 million rupees.

Reported net income came to a loss of 1.8 million rupees, or a loss of 14 paise per share, compared to a loss of 4.5 million rupees, or a loss of 37 paise per share, in the prior-year period.

As of Nov. 2, US$1 was equivalent to 65.58 Indian rupees.