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Ajanta Soya swings to profit in fiscal Q1

Ajanta Soya Ltd. said its normalized net income for the fiscal first quarter ended June 30 came to 15 Indian paise per share, compared with a loss of 27 paise per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 2.3 million rupees, compared with a loss of 4.3 million rupees in the year-earlier period.

The normalized profit margin increased to 0.2% from negative 0.5% in the year-earlier period.

Total revenue grew 63.5% year over year to 1.43 billion rupees from 874.3 million rupees, and total operating expenses increased 65.3% year over year to 1.43 billion rupees from 867.6 million rupees.

Reported net income totaled 4.4 million rupees, or 28 paise per share, compared to a loss of 4.7 million rupees, or a loss of 30 paise per share, in the year-earlier period.

As of Aug. 14, US$1 was equivalent to 60.85 Indian rupees.