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Amarjothi Spinning Mills fiscal Q2 profit falls YOY

Amarjothi Spinning Mills Ltd said its normalized net income for the fiscal second quarter ended Sept. 30 came to 2.55 Indian rupees per share, a decrease of 75.9% from 10.56 rupees per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 17.2 million rupees, a decrease of 75.9% from 71.3 million rupees in the prior-year period.

The normalized profit margin declined to 3.2% from 14.0% in the year-earlier period.

Total revenue increased 6.6% on an annual basis to 543.6 million rupees from 509.9 million rupees, and total operating expenses rose 28.4% on an annual basis to 480.2 million rupees from 373.9 million rupees.

Reported net income fell 75.9% on an annual basis to 21.7 million rupees, or 3.22 rupees per share, from 90.1 million rupees, or 13.35 rupees per share.

As of Oct. 29, US$1 was equivalent to 61.20 Indian rupees.