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Abhishek Corp. fiscal Q1 loss narrows YOY

Abhishek Corp. Ltd. said its normalized net income for the fiscal first quarter ended June 30 came to a loss of 7.19 Indian rupees per share, compared with a loss of 7.74 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 115.0 million rupees, compared with a loss of 123.8 million rupees in the prior-year period.

The normalized profit margin climbed to negative 217.6% from negative 289.8% in the year-earlier period.

Total revenue grew 23.7% on an annual basis to 52.9 million rupees from 42.7 million rupees, and total operating expenses decreased 25.4% on an annual basis to 89.4 million rupees from 119.8 million rupees.

Reported net income came to a loss of 184.0 million rupees, or a loss of 11.50 rupees per share, compared to a loss of 198.1 million rupees, or a loss of 12.38 rupees per share, in the prior-year period.

As of Sept. 19, US$1 was equivalent to 60.84 Indian rupees.