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Thangamayil Jewellery swings to profit in fiscal Q2

Thangamayil Jewellery Ltd. said its normalized net income for the fiscal second quarter ended Sept. 30 came to 2.44 Indian rupees per share, compared with a loss of 8.39 rupees per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 33.5 million rupees, compared with a loss of 115.1 million rupees in the prior-year period.

The normalized profit margin rose to 0.8% from negative 3.4% in the year-earlier period.

Total revenue grew 21.9% year over year to 4.07 billion rupees from 3.34 billion rupees, and total operating expenses rose 14.9% on an annual basis to 3.96 billion rupees from 3.45 billion rupees.

Reported net income came to 37.1 million rupees, or 2.70 rupees per share, compared to a loss of 124.5 million rupees, or a loss of 9.07 rupees per share, in the year-earlier period.

As of Oct. 19, US$1 was equivalent to 64.84 Indian rupees.