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Rico Auto Industries fiscal Q2 profit climbs YOY

Rico Auto Industries Ltd. said its normalized net income for the fiscal second quarter ended Sept. 30 was 61 Indian paise per share, a gain from 19 paise per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 82.8 million rupees, an increase from 26.8 million rupees in the prior-year period.

The normalized profit margin increased to 3.4% from 0.7% in the year-earlier period.

Total revenue decreased 35.6% year over year to 2.44 billion rupees from 3.78 billion rupees, and total operating expenses fell 37.2% year over year to 2.29 billion rupees from 3.65 billion rupees.

Reported net income rose on an annual basis to 94.2 million rupees, or 69 paise per share, from 16.9 million rupees, or 12 paise per share.

As of Nov. 6, US$1 was equivalent to 66.11 Indian rupees.