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Hindustan Hardy Spicer fiscal Q3 profit falls YOY

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.