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Grob Tea fiscal Q1 profit falls YOY

Grob Tea Co. Ltd. said its normalized net income for the fiscal first quarter ended June 30 amounted to 7.04 Indian rupees per share, a decrease of 22.6% from 9.10 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 8.2 million rupees, a decrease of 22.5% from 10.6 million rupees in the year-earlier period.

The normalized profit margin fell to 12.1% from 14.5% in the year-earlier period.

Total revenue fell 7.3% year over year to 67.7 million rupees from 73.0 million rupees, and total operating expenses came to 56.6 million rupees, compared with 56.9 million rupees in the prior-year period.

Reported net income decreased 22.5% year over year to 13.1 million rupees, or 11.27 rupees per share, from 16.9 million rupees, or 14.56 rupees per share.

As of Aug. 12, US$1 was equivalent to 61.08 Indian rupees.