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Piramal Phytocare fiscal Q2 loss narrows YOY

Piramal Phytocare Ltd. said its normalized net income for the fiscal second quarter ended Sept. 30 was a loss of 19 Indian paise per share, compared with a loss of 25 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 6.8 million rupees in the year-earlier period.

The normalized profit margin climbed to negative 16.4% from negative 88.5% in the year-earlier period.

Total revenue increased on an annual basis to 25.2 million rupees from 7.7 million rupees, and total operating expenses climbed 64.5% on an annual basis to 32.4 million rupees from 19.7 million rupees.

Reported net income totaled a loss of 6.6 million rupees, or a loss of 30 paise per share, compared to a loss of 10.9 million rupees, or a loss of 40 paise per share, in the prior-year period.

As of Oct. 30, US$1 was equivalent to 65.41 Indian rupees.