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Swasti Vinayaka Art & Heritage fiscal Q2 profit climbs 27.9% YOY

Swasti Vinayaka Art & Heritage Corp. Ltd. said its normalized net income for the fiscal second quarter ended Sept. 30 was 16 Indian paise per share, an increase of 27.4% from 12 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 6.3 million rupees, a gain of 27.9% from 4.9 million rupees in the prior-year period.

The normalized profit margin climbed to 24.8% from 19.1% in the year-earlier period.

Total revenue declined on an annual basis to 25.3 million rupees from 25.7 million rupees, and total operating expenses decreased 7.0% on an annual basis to 13.3 million rupees from 14.3 million rupees.

Reported net income increased 31.3% year over year to 6.8 million rupees, or 17 paise per share, from 5.2 million rupees, or 13 paise per share.

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