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Automotive Axles fiscal Q2 profit climbs YOY

Automotive Axles Ltd. said its normalized net income for the fiscal second quarter ended Sept. 30 came to 4.93 Indian rupees per share, an increase from 2.31 rupees per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 74.6 million rupees, a gain from 34.9 million rupees in the year-earlier period.

The normalized profit margin rose to 2.7% from 1.9% in the year-earlier period.

Total revenue grew 50.8% on an annual basis to 2.72 billion rupees from 1.80 billion rupees, and total operating expenses increased 46.8% on an annual basis to 2.59 billion rupees from 1.76 billion rupees.

Reported net income rose from the prior-year period to 78.5 million rupees, or 5.19 rupees per share, from 37.5 million rupees, or 2.48 rupees per share.

As of Nov. 5, US$1 was equivalent to 65.90 Indian rupees.