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Orosil Smiths India swings to profit in fiscal Q4

Orosil Smiths India Ltd said its normalized net income for the fiscal fourth quarter ended March 31 was 312,910 rupees, compared with a loss of 427,970 rupees in the year-earlier period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin climbed to 3.1% from negative 2.8% in the year-earlier period.

Total revenue decreased 32.6% year over year to 10.2 million rupees from 15.1 million rupees, and total operating expenses decreased 35.4% year over year to 9.0 million rupees from 13.9 million rupees.

Reported net income declined 73.4% from the prior-year period to 1.1 million rupees, or 3 paise per share, from 4.0 million rupees, or 10 paise per share.

For the year, the company's normalized net income totaled a loss of 5 paise per share, compared with a loss of 5 paise per share in the prior year.

Normalized net income was a loss of 2.1 million rupees, compared with a loss of 2.3 million rupees in the prior year.

Full-year total revenue declined 17.6% from the prior-year period to 36.4 million rupees from 44.2 million rupees, and total operating expenses decreased 14.0% on an annual basis to 39.1 million rupees from 45.5 million rupees.

The company said reported net income came to a loss of 2.8 million rupees, or a loss of 7 paise per share, in the full year, compared with income of 1.1 million rupees, or 3 paise per share, the prior year.

As of Aug. 10, US$1 was equivalent to 63.80 Indian rupees.