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Gorani Industries swings to profit in fiscal Q2

Gorani Industries Ltd. said its normalized net income for the fiscal second quarter ended Sept. 30 came to 631,250 rupees, compared with a loss of 2.1 million 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 rose to 3.7% from negative 21.1% in the year-earlier period.

Total revenue increased 70.3% year over year to 17.1 million rupees from 10.1 million rupees, and total operating expenses grew 19.9% year over year to 16.1 million rupees from 13.5 million rupees.

Reported net income totaled 1.0 million rupees, or 19 paise per share, compared to a loss of 3.4 million rupees in the prior-year period.

As of Nov. 28, US$1 was equivalent to 62.23 Indian rupees.