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Lakshmi Energy & Foods fiscal Q1 profit falls YOY

Lakshmi Energy and Foods Ltd said its normalized net income for the fiscal first quarter ended June 30 amounted to 26 Indian paise per share, a decline of 66.6% from 77 paise per share in the first quarter ended Dec. 31, 2013.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 17.3 million rupees, a decrease of 67.4% from 53.0 million rupees in the first quarter ended Dec. 31, 2013.

The normalized profit margin fell to 0.7% from 2.7% in the year-earlier period.

Total revenue increased 32.2% on an annual basis to 2.55 billion rupees from 1.93 billion rupees, and total operating expenses increased 33.8% from the prior-year period to 2.23 billion rupees from 1.67 billion rupees.

Reported net income fell 51.5% from the prior-year period to 53.3 million rupees, or 79 paise per share, from 109.8 million rupees, or 1.59 rupees per share.

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