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Tilaknagar Industries swings to loss in fiscal Q2

Tilaknagar Industries Ltd. said its normalized net income for the fiscal second quarter ended Sept. 30 was a loss of 3.47 Indian rupees per share, compared with 4 paise per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 443.2 million rupees, compared with income of 5.2 million rupees in the year-earlier period.

The normalized profit margin dropped to negative 45.2% from 0.3% in the year-earlier period.

Total revenue fell 39.0% on an annual basis to 979.7 million rupees from 1.61 billion rupees, and total operating expenses declined from the prior-year period to 1.33 billion rupees from 1.39 billion rupees.

Reported net income came to a loss of 709.1 million rupees, or a loss of 5.55 rupees per share, compared to income of 5.6 million rupees, or 4 paise per share, in the year-earlier period.

As of Nov. 10, US$1 was equivalent to 66.24 Indian rupees.