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Ajanta Soya fiscal Q2 profit falls YOY

Ajanta Soya Ltd. said its normalized net income for the fiscal second quarter ended Sept. 30 came to 20 Indian paise per share, a decline of 39.0% from 32 paise per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 2.9 million rupees, a decrease of 42.0% from 5.1 million rupees in the year-earlier period.

The normalized profit margin dropped to 0.2% from 0.4% in the year-earlier period.

Total revenue increased 36.8% year over year to 1.56 billion rupees from 1.14 billion rupees, and total operating expenses increased 38.9% on an annual basis to 1.55 billion rupees from 1.12 billion rupees.

Reported net income fell 59.6% on an annual basis to 2.1 million rupees, or 14 paise per share, from 5.2 million rupees, or 33 paise per share.

As of Nov. 14, US$1 was equivalent to 61.73 Indian rupees.