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Ponni Sugars fiscal Q2 profit falls YOY

Ponni Sugars (Erode) Ltd. said its normalized net income for the fiscal second quarter ended Sept. 30 came to 67 Indian paise per share, a decrease of 85.3% from 4.57 rupees per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 5.8 million rupees, a decline of 85.2% from 39.3 million rupees in the prior-year period.

The normalized profit margin fell to 1.0% from 5.8% in the year-earlier period.

Total revenue fell 17.6% on an annual basis to 556.3 million rupees from 675.0 million rupees, and total operating expenses declined 11.7% from the prior-year period to 538.4 million rupees from 609.4 million rupees.

Reported net income decreased 95.9% on an annual basis to 1.3 million rupees, or 15 paise per share, from 31.8 million rupees, or 3.70 rupees per share.

As of Nov. 6, US$1 was equivalent to 66.11 Indian rupees.