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Bharat Gears fiscal Q4 loss narrows YOY

Bharat Gears Ltd. said its normalized net income for the fiscal fourth quarter ended March 31 came to a loss of 1.11 Indian rupees per share, compared with a loss of 2.90 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 8.7 million rupees, compared with a loss of 22.7 million rupees in the prior-year period.

The normalized profit margin climbed to negative 0.7% from negative 2.1% in the year-earlier period.

Total revenue climbed 7.9% on an annual basis to 1.19 billion rupees from 1.10 billion rupees, and total operating expenses grew 6.3% from the prior-year period to 1.15 billion rupees from 1.09 billion rupees.

Reported net income totaled 31.8 million rupees, or 4.08 rupees per share, compared to a loss of 15.2 million rupees, or a loss of 1.94 rupees per share, in the prior-year period.

For the year, the company's normalized net income totaled 42.5 million rupees, compared with a loss of -33,130 rupees in the prior year.

Full-year total revenue decreased on an annual basis to 4.15 billion rupees from 4.20 billion rupees, and total operating expenses totaled 4.07 billion rupees, compared with 4.08 billion rupees in the prior-year period.

The company said reported net income came to a loss of 42.1 million rupees, or a loss of 5.38 rupees per share, in the full year, compared with income of 6.0 million rupees, or 76 paise per share, the prior year.

As of July 3, US$1 was equivalent to 63.43 Indian rupees.