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Deepak Spinners fiscal Q3 profit falls YOY

Deepak Spinners Ltd. said its normalized net income for the fiscal third quarter ended Dec. 31, 2014, amounted to 3.01 Indian rupees per share, a decline of 51.7% from 6.23 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 21.7 million rupees, a decline of 51.5% from 44.8 million rupees in the year-earlier period.

The normalized profit margin fell to 2.1% from 4.4% in the year-earlier period.

Total revenue rose on an annual basis to 1.05 billion rupees from 1.01 billion rupees, and total operating expenses increased 8.5% on an annual basis to 995.7 million rupees from 917.3 million rupees.

Reported net income declined 29.8% from the prior-year period to 29.9 million rupees, or 4.15 rupees per share, from 42.6 million rupees, or 5.93 rupees per share.

As of Feb. 10, US$1 was equivalent to 62.38 Indian rupees.