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Dwarikesh Sugar Industries swings to profit in fiscal Q3

Dwarikesh Sugar Industries Ltd said its normalized net income for the fiscal third quarter ended Dec. 31, 2015, was 8 Indian paise per share, compared with a loss of 93 paise per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 17.7 million rupees, compared with a loss of 146.5 million rupees in the prior-year period.

The normalized profit margin rose to 0.8% from negative 9.6% in the year-earlier period.

Total revenue grew 39.6% on an annual basis to 2.13 billion rupees from 1.53 billion rupees, and total operating expenses climbed 20.8% from the prior-year period to 2.01 billion rupees from 1.66 billion rupees.

Reported net income came to 28.4 million rupees, or 13 paise per share, compared to a loss of 234.4 million rupees, or a loss of 1.48 rupees per share, in the year-earlier period.

As of Feb. 5, US$1 was equivalent to 67.80 Indian rupees.