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Rajvir Industries swings to loss in fiscal Q2

Rajvir Industries Ltd. said its normalized net income for the fiscal second quarter ended Sept. 30 was a loss of 6.63 Indian rupees per share, compared with 1.29 rupees 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 20.1 million rupees, compared with income of 3.9 million rupees in the prior-year period.

The normalized profit margin declined to negative 7.8% from 0.6% in the year-earlier period.

Total revenue decreased 61.7% year over year to 256.6 million rupees from 670.8 million rupees, and total operating expenses decreased 60.4% on an annual basis to 244.5 million rupees from 616.7 million rupees.

Reported net income came to a loss of 20.6 million rupees, or a loss of 6.80 rupees per share, compared to income of 5.4 million rupees, or 1.78 rupees per share, in the prior-year period.

As of Nov. 24, US$1 was equivalent to 61.84 Indian rupees.