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Deepak Spinners fiscal Q3 profit climbs 82.1% YOY

Deepak Spinners Ltd said its normalized net income for the fiscal third quarter ended Dec. 31, 2015, amounted to 5.49 Indian rupees per share, a gain of 82.5% from 3.01 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 39.5 million rupees, an increase of 82.1% from 21.7 million rupees in the prior-year period.

The normalized profit margin rose to 4.0% from 2.1% in the year-earlier period.

Total revenue decreased 5.2% year over year to 993.5 million rupees from 1.05 billion rupees, and total operating expenses fell 8.9% year over year to 907.5 million rupees from 995.7 million rupees.

Reported net income grew 84.9% from the prior-year period to 55.3 million rupees, or 7.69 rupees per share, from 29.9 million rupees, or 4.15 rupees per share.

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