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Ambika Cotton Mills fiscal Q2 profit falls YOY

Ambika Cotton Mills Ltd said its normalized net income for the fiscal second quarter ended Sept. 30 amounted to 15.02 Indian rupees per share, a decline of 14.5% from 17.57 rupees per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 88.3 million rupees, a decline of 14.5% from 103.2 million rupees in the prior-year period.

The normalized profit margin declined to 7.2% from 8.0% in the year-earlier period.

Total revenue decreased year over year to 1.23 billion rupees from 1.29 billion rupees, and total operating expenses fell from the prior-year period to 1.08 billion rupees from 1.11 billion rupees.

Reported net income fell 16.1% from the prior-year period to 105.5 million rupees, or 17.96 rupees per share, from 125.7 million rupees, or 21.40 rupees per share.

As of Nov. 6, US$1 was equivalent to 66.11 Indian rupees.