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Gayatri Sugars swings to loss in fiscal Q4

Gayatri Sugars Ltd said its normalized net income for the fiscal fourth quarter ended March 31 amounted to a loss of 73 Indian paise per share, compared with 1.95 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 30.4 million rupees, compared with income of 98.2 million rupees in the prior-year period.

The normalized profit margin dropped to negative 3.5% from 10.3% in the year-earlier period.

Total revenue declined 9.4% year over year to 864.4 million rupees from 953.8 million rupees, and total operating expenses increased 16.4% year over year to 867.1 million rupees from 744.8 million rupees.

Reported net income totaled a loss of 122.2 million rupees, or a loss of 2.95 rupees per share, compared to income of 146.4 million rupees, or 2.91 rupees per share, in the year-earlier period.

For the year, the company's normalized net income totaled a loss of 6.99 rupees per share, compared with a loss of 3.28 rupees per share in the prior year.

Normalized net income was a loss of 305.3 million rupees, compared with a loss of 143.3 million rupees in the prior year.

Full-year total revenue rose 17.4% on an annual basis to 2.31 billion rupees from 1.97 billion rupees, and total operating expenses rose 30.3% on an annual basis to 2.58 billion rupees from 1.98 billion rupees.

The company said reported net income totaled a loss of 637.6 million rupees, or a loss of 14.59 rupees per share, in the full year, compared with a loss of 240.1 million rupees, or a loss of 5.49 rupees per share, the prior year.

As of Aug. 14, US$1 was equivalent to 65.08 Indian rupees.