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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 34.9 million rupees, a decrease of 34.0% from 52.9 million rupees in the year-earlier period.

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

The normalized profit margin dropped to 1.0% from 1.4% in the year-earlier period.

Total revenue fell 7.1% year over year to 3.43 billion rupees from 3.69 billion rupees, and total operating expenses decreased 6.3% from the prior-year period to 3.21 billion rupees from 3.43 billion rupees.

Reported net income came to 44.5 million rupees, compared with 67.0 million rupees in the year-earlier period.

As of Nov. 13, US$1 was equivalent to 66.19 Indian rupees.