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Majestic Auto fiscal Q1 loss widens 7.2% YOY

Majestic Auto Ltd. said its normalized net income for the fiscal first quarter ended June 30 was a loss of 6.25 Indian rupees per share, compared with a loss of 5.83 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 65.0 million rupees, compared with a loss of 60.6 million rupees in the year-earlier period.

The normalized profit margin climbed to negative 23.8% from negative 27.8% in the year-earlier period.

Total revenue increased 25.1% year over year to 272.7 million rupees from 218.0 million rupees, and total operating expenses increased 32.6% year over year to 355.1 million rupees from 267.8 million rupees.

Reported net income came to a loss of 76.1 million rupees, or a loss of 7.32 rupees per share, compared to a loss of 73.6 million rupees, or a loss of 7.08 rupees per share, in the year-earlier period.

As of Aug. 14, US$1 was equivalent to 60.85 Indian rupees.