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IFB Industries swings to profit in fiscal Q2

IFB Industries Ltd. said its normalized net income for the fiscal second quarter ended Sept. 30 came to 3.43 Indian rupees per share, compared with a loss of 2.34 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 138.8 million rupees, compared with a loss of 94.1 million rupees in the prior-year period.

The normalized profit margin climbed to 4.5% from negative 4.1% in the year-earlier period.

Total revenue grew 32.3% on an annual basis to 3.06 billion rupees from 2.32 billion rupees, and total operating expenses grew 24.5% year over year to 2.94 billion rupees from 2.36 billion rupees.

Reported net income rose on an annual basis to 154.1 million rupees, or 3.80 rupees per share, from 1.5 million rupees, or 4 paise per share.

As of Nov. 28, US$1 was equivalent to 62.23 Indian rupees.