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Bannari Amman Sugars fiscal Q1 profit falls YOY

Bannari Amman Sugars Ltd. said its normalized net income for the fiscal first quarter ended June 30 came to 92 Indian paise per share, a decline of 86.3% from 6.67 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 10.5 million rupees, a decline of 86.3% from 76.3 million rupees in the prior-year period.

The normalized profit margin declined to 0.5% from 5.9% in the year-earlier period.

Total revenue increased 73.3% year over year to 2.24 billion rupees from 1.29 billion rupees, and total operating expenses increased 92.5% on an annual basis to 2.03 billion rupees from 1.05 billion rupees.

Reported net income fell 76.3% from the prior-year period to 22.2 million rupees, or 1.94 rupees per share, from 93.7 million rupees, or 8.19 rupees per share.

As of July 30, US$1 was equivalent to 60.35 Indian rupees.