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Suryalakshmi Cotton Mills swings to loss in fiscal Q4

Suryalakshmi Cotton Mills Ltd. said its normalized net income for the fiscal fourth quarter ended March 31 was a loss of 1.92 Indian rupees per share, compared with the S&P Capital IQ consensus estimate of 3.55 rupees per share.

The per-share result swung to a loss from the prior-year profit of 46 paise.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 28.8 million rupees, compared with income of 6.6 million rupees in the prior-year period.

The normalized profit margin dropped to negative 1.7% from 0.3% in the year-earlier period.

Total revenue decreased 24.3% year over year to 1.73 billion rupees from 2.28 billion rupees, and total operating expenses fell 21.6% on an annual basis to 1.70 billion rupees from 2.16 billion rupees.

Reported net income came to a loss of 50.3 million rupees, or a loss of 3.34 rupees per share, compared to income of 7.1 million rupees, or 49 paise per share, in the year-earlier period.

For the year, the company's normalized net income totaled 6.93 rupees per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 13.57 rupees.

EPS rose 36.8% from 5.06 rupees in the prior year.

Normalized net income was 115.5 million rupees, a rise of 57.0% from 73.5 million rupees in the prior year.

Full-year total revenue totaled 7.13 billion rupees, compared with 7.11 billion rupees in the prior year, and total operating expenses totaled 6.61 billion rupees, compared with 6.63 billion rupees in the year-earlier period.

The company said reported net income totaled 116.7 million rupees, or 7.00 rupees per share, in the full year, compared with 115.9 million rupees, or 7.98 rupees per share, the prior year.

As of July 6, US$1 was equivalent to 63.30 Indian rupees.