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CIL Nova Petrochemicals fiscal Q2 profit climbs 43.9% YOY

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CIL Nova Petrochemicals fiscal Q2 profit climbs 43.9% YOY

CIL Nova Petrochemicals Ltd. said its normalized net income for the fiscal second quarter ended Sept. 30 amounted to 51 Indian paise per share, an increase of 44.0% from 36 paise per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 7.0 million rupees, an increase of 43.9% from 4.8 million rupees in the prior-year period.

The normalized profit margin climbed to 1.4% from 0.8% in the year-earlier period.

Total revenue declined 21.5% on an annual basis to 502.5 million rupees from 640.4 million rupees, and total operating expenses decreased 22.1% from the prior-year period to 481.5 million rupees from 618.2 million rupees.

Reported net income grew 44.3% from the prior-year period to 8.8 million rupees, or 65 paise per share, from 6.1 million rupees, or 45 paise per share.

As of Nov. 6, US$1 was equivalent to 66.11 Indian rupees.