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Swasti Vinayaka Synthetics fiscal Q2 profit climbs 7.9% YOY

Swasti Vinayaka Synthetics Ltd. said its normalized net income for the fiscal second quarter ended Sept. 30 was 3 Indian paise per share, compared with 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 2.0 million rupees, an increase of 7.9% from 1.9 million rupees in the prior-year period.

The normalized profit margin increased to 5.1% from 4.6% in the year-earlier period.

Total revenue decreased on an annual basis to 40.1 million rupees from 41.0 million rupees, and total operating expenses decreased from the prior-year period to 36.5 million rupees from 37.5 million rupees.

Reported net income totaled 3.3 million rupees, or 4 paise per share, compared to 3.0 million rupees, or 4 paise per share, in the prior-year period.

As of Oct. 15, US$1 was equivalent to 61.40 Indian rupees.