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Heritage Foods fiscal Q2 profit falls YOY

Heritage Foods Ltd. said its normalized net income for the fiscal second quarter ended Sept. 30 was 81 Indian paise per share, a decrease of 55.5% from 1.81 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 37.5 million rupees, a decrease of 55.4% from 84.0 million rupees in the year-earlier period.

The normalized profit margin dropped to 0.7% from 2.0% in the year-earlier period.

Total revenue rose 20.6% on an annual basis to 5.04 billion rupees from 4.18 billion rupees, and total operating expenses climbed 23.0% on an annual basis to 4.95 billion rupees from 4.03 billion rupees.

Reported net income fell 52.4% year over year to 48.3 million rupees, or 1.04 rupees per share, from 101.6 million rupees, or 2.19 rupees per share.

As of Oct. 20, US$1 was equivalent to 61.26 Indian rupees.