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IFB Agro Industries fiscal Q3 profit falls YOY

IFB Agro Industries Ltd. said its normalized net income for the fiscal third quarter ended Dec. 31, 2014, was 1.26 Indian rupees per share, a decrease of 87.3% from 9.88 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 11.8 million rupees, a decline of 86.7% from 89.0 million rupees in the year-earlier period.

The normalized profit margin dropped to 0.9% from 7.2% in the year-earlier period.

Total revenue grew 11.5% on an annual basis to 1.38 billion rupees from 1.24 billion rupees, and total operating expenses climbed 24.0% on an annual basis to 1.36 billion rupees from 1.10 billion rupees.

Reported net income decreased 86.2% from the prior-year period to 12.5 million rupees, or 1.33 rupees per share, from 90.5 million rupees, or 10.05 rupees per share.

As of Jan. 21, US$1 was equivalent to 61.50 Indian rupees.