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Steel Strips Wheels fiscal Q3 profit climbs 91.5% YOY

Steel Strips Wheels Ltd. said its normalized net income for the fiscal third quarter ended Dec. 31, 2014, was 4.81 Indian rupees per share, an increase of 90.8% from 2.52 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 73.5 million rupees, a gain of 91.5% from 38.4 million rupees in the year-earlier period.

The normalized profit margin climbed to 2.8% from 1.5% in the year-earlier period.

Total revenue grew 7.2% year over year to 2.67 billion rupees from 2.49 billion rupees, and total operating expenses grew 5.9% from the prior-year period to 2.51 billion rupees from 2.37 billion rupees.

Reported net income rose 45.5% on an annual basis to 95.6 million rupees, or 6.26 rupees per share, from 65.7 million rupees, or 4.32 rupees per share.

As of Jan. 19, US$1 was equivalent to 61.63 Indian rupees.