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Sita Shree Food Products fiscal Q2 profit climbs 22.7% YOY

Sita Shree Food Products Ltd. said its normalized net income for the fiscal second quarter ended Sept. 30 came to 30 Indian paise per share, an increase of 21.5% from 24 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 8.3 million rupees, a gain of 22.7% from 6.8 million rupees in the prior-year period.

The normalized profit margin declined to 0.4% from 0.6% in the year-earlier period.

Total revenue increased 66.9% year over year to 1.91 billion rupees from 1.14 billion rupees, and total operating expenses grew 68.6% year over year to 1.85 billion rupees from 1.10 billion rupees.

Reported net income increased 20.0% from the prior-year period to 10.7 million rupees, or 38 paise per share, from 8.9 million rupees, or 32 paise per share.

As of Nov. 13, US$1 was equivalent to 66.19 Indian rupees.