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Sreeleathers fiscal Q2 profit falls YOY

Sreeleathers Ltd. said its normalized net income for the fiscal second quarter ended Sept. 30 came to 85 Indian paise per share, a decline of 10.4% from 95 paise per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 21.4 million rupees, a decline of 10.3% from 23.9 million rupees in the prior-year period.

The normalized profit margin dropped to 9.9% from 13.0% in the year-earlier period.

Total revenue increased 17.4% on an annual basis to 216.4 million rupees from 184.4 million rupees, and total operating expenses climbed 21.5% year over year to 180.9 million rupees from 149.0 million rupees.

Reported net income decreased 13.7% year over year to 21.8 million rupees, or 87 paise per share, from 25.3 million rupees, or 1.01 rupees per share.

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