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IP Rings fiscal Q4 loss widens YOY

IP Rings Ltd said its normalized net income for the fiscal fourth quarter ended March 31 was a loss of 1.42 Indian rupees per share, compared with a loss of 65 paise per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 10.0 million rupees, compared with a loss of 4.4 million rupees in the prior-year period.

The normalized profit margin dropped to negative 3.9% from negative 2.1% in the year-earlier period.

Total revenue grew 22.2% on an annual basis to 253.2 million rupees from 207.3 million rupees, and total operating expenses rose 26.3% year over year to 251.0 million rupees from 198.7 million rupees.

Reported net income totaled a loss of 8.4 million rupees, or a loss of 1.19 rupees per share, compared to a loss of 1.0 million rupees, or a loss of 15 paise per share, in the prior-year period.

For the year, the company's normalized net income totaled a loss of 1.34 rupees per share, compared with a loss of 3.12 rupees per share in the prior year.

Normalized net income was a loss of 9.4 million rupees, compared with a loss of 22.0 million rupees in the prior year.

Full-year total revenue rose 19.5% on an annual basis to 1.01 billion rupees from 847.4 million rupees, and total operating expenses grew 16.3% year over year to 951.6 million rupees from 818.4 million rupees.

The company said reported net income came to a loss of 4.9 million rupees, or a loss of 69 paise per share, in the full year, compared with a loss of 27.6 million rupees, or a loss of 3.91 rupees per share, the prior year.

As of July 10, US$1 was equivalent to 63.32 Indian rupees.