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Samtex Fashions fiscal Q2 profit falls YOY

Samtex Fashions Ltd said its normalized net income for the fiscal second quarter ended Sept. 30 was 52.9 million rupees, a fall of 23.2% from 68.9 million rupees in the prior-year period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin fell to 1.4% from 1.5% in the year-earlier period.

Total revenue fell 18.3% year over year to 3.69 billion rupees from 4.52 billion rupees, and total operating expenses fell 20.3% from the prior-year period to 3.43 billion rupees from 4.30 billion rupees.

Reported net income totaled 67.0 million rupees, compared with 87.9 million rupees in the prior-year period.

As of Nov. 14, US$1 was equivalent to 61.73 Indian rupees.