Hindustan Hardy Spicer Ltd said its normalized net income for the fiscal third quarter ended Dec. 31, 2014, amounted to 32 Indian paise per share, a decrease of 79.6% from 1.57 rupees per share in the prior-year period.
Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 487,500 rupees, a decline of 79.2% from 2.3 million rupees in the prior-year period.
The normalized profit margin dropped to 0.4% from 2.2% in the year-earlier period.
Total revenue increased 7.4% on an annual basis to 113.7 million rupees from 105.8 million rupees, and total operating expenses climbed 11.2% from the prior-year period to 110.9 million rupees from 99.8 million rupees.
Reported net income fell 65.2% from the prior-year period to 228,000 rupees, or 15 paise per share, from 655,000 rupees, or 44 paise per share.
As of Feb. 5, US$1 was equivalent to 61.74 Indian rupees.
