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Mayur Leather Products fiscal Q2 profit climbs YOY

Mayur Leather Products Ltd. said its normalized net income for the fiscal second quarter ended Sept. 30 was 30 Indian paise per share, a gain of 6.1% from 28 paise per share in the year-earlier period.

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

The normalized profit margin dropped to 1.8% from 2.4% in the year-earlier period.

Total revenue grew 41.6% year over year to 79.8 million rupees from 56.3 million rupees, and total operating expenses increased 40.2% year over year to 77.8 million rupees from 55.5 million rupees.

Reported net income rose 5.0% on an annual basis to 1.5 million rupees, or 32 paise per share, from 1.4 million rupees, or 30 paise per share.

As of Nov. 17, US$1 was equivalent to 65.98 Indian rupees.