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IP Rings fiscal Q1 loss narrows YOY

IP Rings Ltd said its normalized net income for the fiscal first quarter ended June 30 was a loss of 58 Indian paise per share, compared with a loss of 85 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 4.1 million rupees, compared with a loss of 6.0 million rupees in the prior-year period.

The normalized profit margin climbed to negative 1.8% from negative 2.7% in the year-earlier period.

Total revenue rose year over year to 229.6 million rupees from 220.2 million rupees, and total operating expenses climbed year over year to 218.1 million rupees from 215.4 million rupees.

Reported net income totaled a loss of 5.9 million rupees, or a loss of 83 paise per share, compared to a loss of 9.1 million rupees, or a loss of 1.29 rupees per share, in the year-earlier period.

As of July 31, US$1 was equivalent to 60.88 Indian rupees.