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Banco Products (India) fiscal Q3 profit falls YOY

Banco Products (India) Ltd. said its normalized net income for the fiscal third quarter ended Dec. 31, 2014, was 1.34 Indian rupees per share, a decline of 43.1% from 2.36 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 96.3 million rupees, a decrease of 43.0% from 168.9 million rupees in the year-earlier period.

The normalized profit margin declined to 4.0% from 6.5% in the year-earlier period.

Total revenue fell 7.7% on an annual basis to 2.40 billion rupees from 2.60 billion rupees, and total operating expenses declined from the prior-year period to 2.26 billion rupees from 2.33 billion rupees.

Reported net income decreased 48.6% on an annual basis to 116.9 million rupees, or 1.63 rupees per share, from 227.5 million rupees, or 3.18 rupees per share.

As of Feb. 13, US$1 was equivalent to 62.03 Indian rupees.