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Banco Products (India) fiscal Q1 profit falls YOY

Banco Products (India) Ltd. said its normalized net income for the fiscal first quarter ended June 30 amounted to 2.90 Indian rupees per share, a decline of 14.6% from 3.40 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 207.6 million rupees, a decrease of 14.5% from 242.8 million rupees in the year-earlier period.

The normalized profit margin fell to 6.5% from 7.9% in the year-earlier period.

Total revenue grew on an annual basis to 3.19 billion rupees from 3.07 billion rupees, and total operating expenses grew 5.9% year over year to 2.86 billion rupees from 2.70 billion rupees.

Reported net income decreased 13.5% year over year to 241.9 million rupees, or 3.38 rupees per share, from 279.6 million rupees, or 3.91 rupees per share.

As of Aug. 8, US$1 was equivalent to 61.15 Indian rupees.