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Kalyani Forge fiscal Q2 profit falls YOY

Kalyani Forge Ltd. said its normalized net income for the fiscal second quarter ended Sept. 30 amounted to 74 Indian paise per share, a decrease of 80.6% from 3.83 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 2.7 million rupees, a decrease of 80.7% from 13.9 million rupees in the prior-year period.

The normalized profit margin dropped to 0.4% from 2.7% in the year-earlier period.

Total revenue grew 30.5% year over year to 664.2 million rupees from 508.9 million rupees, and total operating expenses grew 29.2% on an annual basis to 648.5 million rupees from 502.1 million rupees.

Reported net income fell 79.4% year over year to 2.9 million rupees, or 80 paise per share, from 14.1 million rupees, or 3.87 rupees per share.

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