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IFB Industries fiscal Q3 profit falls YOY

IFB Industries Ltd said its normalized net income for the fiscal third quarter ended Dec. 31, 2015, came to 87 Indian paise per share, a decrease of 70.6% from 2.94 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 35.1 million rupees, a decline of 70.6% from 119.2 million rupees in the year-earlier period.

The normalized profit margin dropped to 0.9% from 3.7% in the year-earlier period.

Total revenue rose 25.3% year over year to 4.07 billion rupees from 3.25 billion rupees, and total operating expenses increased 28.1% year over year to 4.07 billion rupees from 3.18 billion rupees.

Reported net income declined 58.9% year over year to 64.9 million rupees, or 1.60 rupees per share, from 157.8 million rupees, or 3.90 rupees per share.

As of Jan. 29, US$1 was equivalent to 67.85 Indian rupees.