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MSR India swings to profit in fiscal Q3

MSR India Ltd. said its normalized net income for the fiscal third quarter ended Dec. 31, 2014, was 7.8 million rupees, compared with a loss of 60,630 rupees in the year-earlier period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin increased to 3.1% from negative 0.9% in the year-earlier period.

Total revenue climbed on an annual basis to 248.0 million rupees from 6.8 million rupees, and total operating expenses grew on an annual basis to 235.6 million rupees from 7.2 million rupees.

Reported net income totaled 12.4 million rupees, compared with a loss of 97,000 rupees in the prior-year period.

As of Feb. 2, US$1 was equivalent to 61.72 Indian rupees.