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Nitin Spinners fiscal Q3 profit climbs 8.0% YOY

Nitin Spinners Ltd. said its normalized net income for the fiscal third quarter ended Dec. 31, 2015, amounted to 2.09 Indian rupees per share, compared with the S&P Capital IQ consensus estimate of 2.40 rupees per share.

EPS rose 8.1% year over year from 1.93 rupees.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 95.7 million rupees, an increase of 8.0% from 88.6 million rupees in the year-earlier period.

The normalized profit margin declined to 5.0% from 5.5% in the year-earlier period.

Total revenue grew 18.9% year over year to 1.90 billion rupees from 1.60 billion rupees, and total operating expenses grew 17.7% from the prior-year period to 1.66 billion rupees from 1.41 billion rupees.

Reported net income rose year over year to 106.7 million rupees, or 2.33 rupees per share, from 105.0 million rupees, or 2.29 rupees per share.

As of Feb. 9, US$1 was equivalent to 67.92 Indian rupees.