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Kalyani Forge swings to loss in fiscal Q3

Kalyani Forge Ltd. said its normalized net income for the fiscal third quarter ended Dec. 31, 2014, came to a loss of 4.34 Indian rupees per share, compared with 1.10 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 15.8 million rupees, compared with income of 4.0 million rupees in the prior-year period.

The normalized profit margin fell to negative 2.7% from 0.8% in the year-earlier period.

Total revenue climbed 22.8% on an annual basis to 587.2 million rupees from 478.2 million rupees, and total operating expenses climbed 27.8% from the prior-year period to 601.6 million rupees from 470.6 million rupees.

Reported net income came to a loss of 16.9 million rupees, or a loss of 4.64 rupees per share, compared to income of 3.9 million rupees, or 1.07 rupees per share, in the prior-year period.

As of Jan. 28, US$1 was equivalent to 61.32 Indian rupees.