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Suryalakshmi Cotton Mills profit misses consensus by 17.6% in fiscal Q2

Suryalakshmi Cotton Mills Ltd. said its normalized net income for the fiscal second quarter ended Sept. 30 came to 3.56 Indian rupees per share, compared with the S&P Capital IQ consensus estimate of 4.32 rupees per share.

EPS rose 18.2% year over year from 3.01 rupees.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 59.4 million rupees, an increase of 18.3% from 50.2 million rupees in the prior-year period.

The normalized profit margin climbed to 3.3% from 2.7% in the year-earlier period.

Total revenue decreased year over year to 1.80 billion rupees from 1.84 billion rupees, and total operating expenses declined on an annual basis to 1.63 billion rupees from 1.67 billion rupees.

Reported net income rose 19.2% from the prior-year period to 69.7 million rupees, or 4.18 rupees per share, from 58.5 million rupees, or 3.51 rupees per share.

As of Nov. 6, US$1 was equivalent to 66.11 Indian rupees.