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Sita Shree Food Products fiscal Q3 profit falls YOY

Sita Shree Food Products Ltd. said its normalized net income for the fiscal third quarter ended Dec. 31, 2015, amounted to 25 Indian paise per share, a decrease of 50.9% from 51 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 6.9 million rupees, a decrease of 50.7% from 14.1 million rupees in the year-earlier period.

The normalized profit margin declined to 0.3% from 0.9% in the year-earlier period.

Total revenue grew 28.8% year over year to 2.02 billion rupees from 1.57 billion rupees, and total operating expenses increased 31.0% from the prior-year period to 1.97 billion rupees from 1.50 billion rupees.

Reported net income declined 50.6% from the prior-year period to 8.9 million rupees, or 32 paise per share, from 18.0 million rupees, or 65 paise per share.

As of March 10, US$1 was equivalent to 67.07 Indian rupees.