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Sri Nachammai Cotton Mills fiscal Q1 profit falls YOY

Sri Nachammai Cotton Mills Ltd said its normalized net income for the fiscal first quarter ended Sept. 30 amounted to 1 Indian paise per share, a decrease of 97.3% from 47 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 63,750 rupees, a decrease of 96.8% from 2.0 million rupees in the prior-year period.

The normalized profit margin dropped to 0.0% from 0.4% in the year-earlier period.

Total revenue declined 15.5% year over year to 383.2 million rupees from 453.5 million rupees, and total operating expenses decreased 15.6% on an annual basis to 367.3 million rupees from 435.3 million rupees.

Reported net income declined 96.8% on an annual basis to 102,000 rupees, or 2 paise per share, from 3.2 million rupees, or 75 paise per share.

As of Oct. 27, US$1 was equivalent to 61.30 Indian rupees.