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Ovobel Foods fiscal Q3 profit climbs 67.7% YOY

Ovobel Foods Ltd. said its normalized net income for the fiscal third quarter ended Dec. 31, 2014, came to 2.29 Indian rupees per share, an increase of 67.9% from 1.36 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 24.0 million rupees, a gain of 67.7% from 14.3 million rupees in the prior-year period.

The normalized profit margin rose to 9.0% from 5.1% in the year-earlier period.

Total revenue fell year over year to 268.3 million rupees from 281.0 million rupees, and total operating expenses rose from the prior-year period to 244.7 million rupees from 78.5 million rupees.

Reported net income increased 67.7% year over year to 38.5 million rupees, or 3.66 rupees per share, from 22.9 million rupees, or 2.18 rupees per share.

As of July 6, US$1 was equivalent to 63.30 Indian rupees.