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Tilaknagar Industries swings to loss in fiscal Q1

Tilaknagar Industries Ltd. said its normalized net income for the fiscal first quarter ended June 30 was a loss of 2.25 Indian rupees per share, compared with 1.95 rupees 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 281.0 million rupees, compared with income of 245.9 million rupees in the prior-year period.

The normalized profit margin declined to negative 31.5% from 15.0% in the year-earlier period.

Total revenue declined 45.6% on an annual basis to 890.8 million rupees from 1.64 billion rupees, and total operating expenses totaled 1.05 billion rupees, compared with 1.05 billion rupees in the year-earlier period.

Reported net income came to a loss of 449.6 million rupees, or a loss of 3.60 rupees per share, compared to income of 308.9 million rupees, or 2.45 rupees per share, in the prior-year period.

As of Aug. 14, US$1 was equivalent to 65.08 Indian rupees.