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.