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Bharat Gears fiscal Q1 loss widens YOY

Bharat Gears Ltd. said its normalized net income for the fiscal first quarter ended June 30 came to a loss of 2.77 Indian rupees per share, compared with a loss of 28 paise per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 21.6 million rupees, compared with a loss of 2.2 million rupees in the year-earlier period.

The normalized profit margin dropped to negative 2.2% from negative 0.2% in the year-earlier period.

Total revenue climbed year over year to 972.0 million rupees from 938.3 million rupees, and total operating expenses rose from the prior-year period to 970.7 million rupees from 933.9 million rupees.

Reported net income came to a loss of 49.4 million rupees, or a loss of 6.32 rupees per share, compared to a loss of 3.5 million rupees, or a loss of 45 paise per share, in the year-earlier period.

As of Aug. 1, US$1 was equivalent to 60.84 Indian rupees.