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SAR Auto swings to profit in fiscal Q2

SAR Auto Products Ltd. said its normalized net income for the fiscal second quarter ended Sept. 30 amounted to 37 Indian paise per share, compared with a loss of 18 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 1.8 million rupees, compared with a loss of 865,000 rupees in the year-earlier period.

The normalized profit margin increased to 18.0% from negative 19.9% in the year-earlier period.

Total revenue grew on an annual basis to 9.8 million rupees from 4.4 million rupees, and total operating expenses increased 46.2% year over year to 8.5 million rupees from 5.8 million rupees.

Reported net income totaled 2.8 million rupees, or 59 paise per share, compared to a loss of 1.4 million rupees, or a loss of 29 paise per share, in the year-earlier period.

As of Oct. 30, US$1 was equivalent to 65.41 Indian rupees.