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Vardhman Acrylics fiscal Q4 loss widens 82.5% YOY

Vardhman Acrylics Ltd said its normalized net income for the fiscal fourth quarter ended March 31 was a loss of 15 Indian paise per share, compared with a loss of 8 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 13.8 million rupees, compared with a loss of 7.6 million rupees in the year-earlier period.

The normalized profit margin dropped to negative 0.7% from negative 0.7% in the year-earlier period.

Total revenue declined 11.4% on an annual basis to 1.03 billion rupees from 1.16 billion rupees, and total operating expenses declined 10.0% on an annual basis to 1.12 billion rupees from 1.24 billion rupees.

Reported net income grew 6.2% from the prior-year period to 58.4 million rupees, or 63 paise per share, from 55.0 million rupees, or 59 paise per share.

For the year, the company's normalized net income totaled 2.46 rupees per share, a fall of 27.4% from 3.39 rupees per share in the prior year.

Normalized net income was 228.7 million rupees, a decline of 27.4% from 315.2 million rupees in the prior year.

Full-year total revenue rose 6.3% on an annual basis to 4.98 billion rupees from 4.68 billion rupees, and total operating expenses grew 10.2% year over year to 4.68 billion rupees from 4.25 billion rupees.

The company said reported net income decreased 23.5% year over year to 333.9 million rupees, or 3.59 rupees per share, in the full year, from 436.6 million rupees, or 4.69 rupees per share.

As of July 28, US$1 was equivalent to 63.82 Indian rupees.