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Nitin Spinners fiscal Q2 profit falls YOY

Nitin Spinners Ltd. said its normalized net income for the fiscal second quarter ended Sept. 30 was 1.46 Indian rupees per share, a decrease of 24.3% from 1.93 rupees per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 67.0 million rupees, a decrease of 24.2% from 88.4 million rupees in the year-earlier period.

The normalized profit margin dropped to 4.9% from 7.4% in the year-earlier period.

Total revenue increased 13.4% on an annual basis to 1.36 billion rupees from 1.20 billion rupees, and total operating expenses climbed 20.2% on an annual basis to 1.21 billion rupees from 1.01 billion rupees.

Reported net income grew on an annual basis to 93.9 million rupees, or 2.05 rupees per share, from 90.6 million rupees, or 1.98 rupees per share.

As of Oct. 30, US$1 was equivalent to 61.37 Indian rupees.