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Indian Acrylics fiscal Q2 profit climbs YOY

Indian Acrylics Ltd. said its normalized net income for the fiscal second quarter ended Sept. 30 amounted to 18 Indian paise per share, an increase from 3 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 23.4 million rupees, a gain from 3.4 million rupees in the prior-year period.

The normalized profit margin rose to 2.1% from 0.3% in the year-earlier period.

Total revenue declined 6.2% year over year to 1.14 billion rupees from 1.21 billion rupees, and total operating expenses decreased 10.5% year over year to 1.06 billion rupees from 1.18 billion rupees.

Reported net income grew on an annual basis to 37.5 million rupees, or 28 paise per share, from 5.5 million rupees, or 4 paise per share.

As of Nov. 13, US$1 was equivalent to 66.19 Indian rupees.