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Hisar Spinning Mills fiscal Q2 profit falls YOY

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Hisar Spinning Mills fiscal Q2 profit falls YOY

Hisar Spinning Mills Ltd said its normalized net income for the fiscal second quarter ended Sept. 30 was 82 Indian paise per share, a decrease of 35.1% from 1.26 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 3.0 million rupees, a decrease of 35.3% from 4.7 million rupees in the year-earlier period.

The normalized profit margin fell to 5.0% from 7.3% in the year-earlier period.

Total revenue decreased 5.2% year over year to 60.8 million rupees from 64.2 million rupees, and total operating expenses decreased year over year to 54.8 million rupees from 56.4 million rupees.

Reported net income decreased 30.1% from the prior-year period to 4.6 million rupees, or 1.22 rupees per share, from 6.5 million rupees, or 1.74 rupees per share.

As of Nov. 13, US$1 was equivalent to 66.19 Indian rupees.