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Pranavaditya Spinning Mills fiscal Q3 profit climbs YOY

Pranavaditya Spinning Mills Ltd. said its normalized net income for the fiscal third quarter ended Dec. 31, 2014, came to 4 Indian paise per share, a gain from 1 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 729,380 rupees, an increase from 228,130 rupees in the prior-year period.

The normalized profit margin increased to 0.5% from 0.1% in the year-earlier period.

Total revenue fell 21.1% on an annual basis to 150.6 million rupees from 190.9 million rupees, and total operating expenses decreased 21.6% from the prior-year period to 148.8 million rupees from 189.9 million rupees.

Reported net income increased on an annual basis to 788,000 rupees, or 4 paise per share, from 75,000 rupees, or 0 paise per share.

As of Feb. 10, US$1 was equivalent to 62.38 Indian rupees.