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IFB Agro Industries fiscal Q1 profit falls YOY

IFB Agro Industries Ltd. said its normalized net income for the fiscal first quarter ended June 30 was 3.60 Indian rupees per share, a decrease of 35.5% from 5.58 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 33.7 million rupees, a decrease of 32.9% from 50.3 million rupees in the year-earlier period.

The normalized profit margin fell to 2.6% from 4.8% in the year-earlier period.

Total revenue rose 24.0% year over year to 1.30 billion rupees from 1.04 billion rupees, and total operating expenses increased 29.0% on an annual basis to 1.25 billion rupees from 967.9 million rupees.

Reported net income fell 34.5% year over year to 35.6 million rupees, or 3.80 rupees per share, from 54.3 million rupees, or 6.03 rupees per share.

As of July 31, US$1 was equivalent to 60.88 Indian rupees.