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Bharat Gears fiscal Q2 loss narrows YOY

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Bharat Gears fiscal Q2 loss narrows YOY

Bharat Gears Ltd said its normalized net income for the fiscal second quarter ended Sept. 30 amounted to a loss of 81 Indian paise per share, compared with a loss of 2.33 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 6.3 million rupees, compared with a loss of 18.3 million rupees in the prior-year period.

The normalized profit margin increased to negative 0.6% from negative 1.8% in the year-earlier period.

Total revenue totaled 1.00 billion rupees, compared with 1.00 billion rupees in the year-earlier period, and total operating expenses declined on an annual basis to 978.7 million rupees from 999.0 million rupees.

Reported net income totaled a loss of 7.0 million rupees, or a loss of 90 paise per share, compared to a loss of 29.2 million rupees, or a loss of 3.73 rupees per share, in the prior-year period.

As of Oct. 29, US$1 was equivalent to 65.42 Indian rupees.