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Sita Shree Food Products fiscal Q1 profit climbs YOY

Sita Shree Food Products Ltd. said its normalized net income for the fiscal first quarter ended June 30 amounted to 27 Indian paise per share, an increase of 5.5% from 26 paise per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 7.5 million rupees, an increase from 7.2 million rupees in the prior-year period.

The normalized profit margin rose to 0.7% from 0.6% in the year-earlier period.

Total revenue decreased 15.0% year over year to 1.05 billion rupees from 1.24 billion rupees, and total operating expenses decreased 16.1% on an annual basis to 994.3 million rupees from 1.18 billion rupees.

Reported net income rose 5.2% on an annual basis to 9.7 million rupees, or 35 paise per share, from 9.2 million rupees, or 33 paise per share.

As of Aug. 13, US$1 was equivalent to 65.29 Indian rupees.