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Advanta Ltd, which is engaged in the agricultural seeds business, today reported a 91 per cent fall in consolidated net profit at Rs 1.75 crore in the second quarter ended September 30 on higher financial cost.
The company had clocked a net profit of Rs 20 crore in the July-September period of 2012-13 fiscal, Advanta Ltd said in a filing to the BSE.
Net profit took a beating as the company’s expenses and financial costs were higher in the second quarter of the 2013-14 financial year.
The company’s expenses increased to Rs 276.09 crore during the quarter ended September 30, 2013, as against Rs 204.57 crore in the same period last year.
The financial cost too rose to Rs 19.31 crore from Rs 13.05 crore in the review period.
However, the company’s net income increased to Rs 311.52 crore in the second quarter of this fiscal, as against Rs 240.39 crore in the same period corresponding year.
Shares of Advanta Ltd fell by 5.77 per cent to settle at Rs 116.80 apiece on the BSE today.
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