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Hatsun Agro Product fiscal Q3 profit falls YOY

Hatsun Agro Product Ltd said its normalized net income for the fiscal third quarter ended Dec. 31, 2014, was 55 Indian paise per share, a decrease of 58.7% from 1.33 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 83.6 million rupees, a decrease of 58.4% from 201.1 million rupees in the year-earlier period.

The normalized profit margin dropped to 1.2% from 3.2% in the year-earlier period.

Total revenue rose 13.3% on an annual basis to 7.13 billion rupees from 6.30 billion rupees, and total operating expenses rose 15.9% year over year to 6.85 billion rupees from 5.91 billion rupees.

Reported net income declined 58.3% from the prior-year period to 128.9 million rupees, or 85 paise per share, from 308.9 million rupees, or 2.05 rupees per share.

As of Jan. 27, US$1 was equivalent to 61.36 Indian rupees.