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Mayur Leather Products fiscal Q2 profit falls YOY

Mayur Leather Products Ltd. said its normalized net income for the fiscal second quarter ended Sept. 30 was 28 Indian paise per share, a decline of 42.3% from 48 paise per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 1.4 million rupees, a decline of 40.6% from 2.3 million rupees in the prior-year period.

The normalized profit margin fell to 2.4% from 5.7% in the year-earlier period.

Total revenue climbed 40.7% on an annual basis to 56.3 million rupees from 40.1 million rupees, and total operating expenses increased 45.9% year over year to 55.5 million rupees from 38.1 million rupees.

Reported net income grew year over year to 1.4 million rupees, or 30 paise per share, from 422,000 rupees, or 9 paise per share.

As of Nov. 17, US$1 was equivalent to 61.80 Indian rupees.