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Piccadily Sugar & Allied Industries fiscal Q2 loss narrows YOY

Piccadily Sugar & Allied Industries Ltd. said its normalized net income for the fiscal second quarter ended Sept. 30 amounted to a loss of 11 Indian paise per share, compared with a loss of 15 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 a loss of 2.5 million rupees, compared with a loss of 3.4 million rupees in the year-earlier period.

The normalized profit margin climbed to negative 9.7% from negative 11.8% in the year-earlier period.

Total revenue decreased 12.1% on an annual basis to 25.4 million rupees from 28.9 million rupees, and total operating expenses decreased 14.8% on an annual basis to 28.6 million rupees from 33.6 million rupees.

Reported net income came to a loss of 4.2 million rupees, or a loss of 18 paise per share, compared to a loss of 5.0 million rupees, or a loss of 22 paise per share, in the prior-year period.

As of Nov. 13, US$1 was equivalent to 66.19 Indian rupees.