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Hatsun Agro Product profit misses consensus by 61.6% in fiscal Q1

Hatsun Agro Product Ltd said its normalized net income for the fiscal first quarter ended June 30 was 28 Indian paise per share, compared with the S&P Capital IQ consensus estimate of 73 paise per share.

EPS fell 58.6% year over year from 68 paise.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 42.3 million rupees, a decrease of 58.6% from 102.2 million rupees in the prior-year period.

The normalized profit margin fell to 0.6% from 1.7% in the year-earlier period.

Total revenue climbed 16.8% year over year to 7.03 billion rupees from 6.02 billion rupees, and total operating expenses increased 19.4% year over year to 6.86 billion rupees from 5.74 billion rupees.

Reported net income fell 53.8% on an annual basis to 73.3 million rupees, or 49 paise per share, from 158.7 million rupees, or 1.05 rupees per share.

As of July 31, US$1 was equivalent to 60.88 Indian rupees.