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Dharani Sugars & Chemicals fiscal Q1 loss widens YOY

Dharani Sugars & Chemicals Ltd. said its normalized net income for the fiscal first quarter ended June 30 was a loss of 1.95 Indian rupees per share, compared with a loss of 86 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 57.3 million rupees, compared with a loss of 25.5 million rupees in the year-earlier period.

The normalized profit margin declined to negative 5.5% from negative 1.5% in the year-earlier period.

Total revenue fell 38.6% on an annual basis to 1.04 billion rupees from 1.69 billion rupees, and total operating expenses fell 39.2% year over year to 952.1 million rupees from 1.57 billion rupees.

Reported net income came to a loss of 104.2 million rupees, or a loss of 3.54 rupees per share, compared to a loss of 28.6 million rupees, or a loss of 97 paise per share, in the prior-year period.

As of Aug. 13, US$1 was equivalent to 61.07 Indian rupees.