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Bannari Amman Spinning Mills fiscal Q1 profit falls YOY

Bannari Amman Spinning Mills Ltd said its normalized net income for the fiscal first quarter ended June 30 came to 3.45 Indian rupees per share, a decrease of 43.2% from 6.07 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 54.4 million rupees, a decrease of 43.1% from 95.6 million rupees in the year-earlier period.

The normalized profit margin dropped to 3.2% from 6.6% in the year-earlier period.

Total revenue increased 16.7% year over year to 1.68 billion rupees from 1.44 billion rupees, and total operating expenses increased 24.9% from the prior-year period to 1.49 billion rupees from 1.20 billion rupees.

Reported net income decreased 42.1% on an annual basis to 60.0 million rupees, or 3.81 rupees per share, from 103.8 million rupees, or 6.59 rupees per share.

As of Aug. 22, US$1 was equivalent to 60.49 Indian rupees.