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Nitin Spinners profit misses consensus by 21.9% in fiscal Q2

Nitin Spinners Ltd. said its normalized net income for the fiscal second quarter ended Sept. 30 was 2.19 Indian rupees per share, compared with the S&P Capital IQ consensus estimate of 2.80 rupees per share.

EPS rose 49.4% year over year from 1.46 rupees.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 100.1 million rupees, an increase of 49.3% from 67.0 million rupees in the year-earlier period.

The normalized profit margin climbed to 5.3% from 4.9% in the year-earlier period.

Total revenue rose 40.0% year over year to 1.90 billion rupees from 1.36 billion rupees, and total operating expenses increased 36.4% on an annual basis to 1.65 billion rupees from 1.21 billion rupees.

Reported net income increased 10.2% from the prior-year period to 103.4 million rupees, or 2.26 rupees per share, from 93.9 million rupees, or 2.05 rupees per share.

As of Nov. 5, US$1 was equivalent to 65.90 Indian rupees.