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Welspun Investments & Commercials fiscal Q1 loss narrows YOY

Welspun Investments & Commercials Ltd. said its normalized net income for the fiscal first quarter ended June 30 amounted to a loss of 6 Indian paise per share, compared with a loss of 11 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 236,880 rupees, compared with a loss of 379,380 rupees in the year-earlier period.

The normalized profit margin fell to negative 183.6% from negative 118.9% in the year-earlier period.

Total revenue decreased 59.6% on an annual basis to 129,000 rupees from 319,000 rupees, and total operating expenses decreased 45.1% from the prior-year period to 508,000 rupees from 926,000 rupees.

Reported net income totaled a loss of 379,000 rupees, or a loss of 10 paise per share, compared to a loss of 607,000 rupees, or a loss of 17 paise per share, in the year-earlier period.

As of Aug. 1, US$1 was equivalent to 60.84 Indian rupees.