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Banco Products (India) swings to loss in fiscal Q4

Banco Products (India) Ltd. said its normalized net income for the fiscal fourth quarter ended March 31 came to a loss of 3.20 Indian rupees per share, compared with 1.57 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 230.5 million rupees, compared with income of 112.2 million rupees in the prior-year period.

The normalized profit margin declined to negative 9.5% from 4.0% in the year-earlier period.

Total revenue declined 11.1% year over year to 2.48 billion rupees from 2.79 billion rupees, and total operating expenses came to 2.51 billion rupees, compared with 2.48 billion rupees in the prior-year period.

Reported net income came to a loss of 25.8 million rupees, or a loss of 36 paise per share, compared to income of 93.4 million rupees, or 1.31 rupees per share, in the year-earlier period.

For the year, the company's normalized net income totaled 6.63 rupees per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 10.00 rupees.

EPS declined 37.7% from 10.63 rupees in the prior year.

Normalized net income was 474.0 million rupees, a decrease of 37.7% from 760.5 million rupees in the prior year.

Full-year total revenue declined year over year to 11.13 billion rupees from 11.46 billion rupees, and total operating expenses rose year over year to 10.45 billion rupees from 10.14 billion rupees.

The company said reported net income declined on an annual basis to 876.5 million rupees, or 12.26 rupees per share, in the full year, from 898.2 million rupees, or 12.56 rupees per share.

As of July 10, US$1 was equivalent to 63.32 Indian rupees.