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Educomp Solutions fiscal Q2 loss narrows YOY

Educomp Solutions Ltd said its normalized net income for the fiscal second quarter ended Sept. 30 came to a loss of 4.03 Indian rupees per share, compared with a loss of 4.80 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 493.0 million rupees, compared with a loss of 587.3 million rupees in the prior-year period.

The normalized profit margin fell to negative 37.8% from negative 36.4% in the year-earlier period.

Total revenue fell 19.1% on an annual basis to 1.31 billion rupees from 1.61 billion rupees, and total operating expenses fell 8.8% from the prior-year period to 1.70 billion rupees from 1.87 billion rupees.

Reported net income totaled a loss of 5.67 billion rupees, or a loss of 46.32 rupees per share, compared to a loss of 826.7 million rupees, or a loss of 6.75 rupees per share, in the prior-year period.

As of Nov. 14, US$1 was equivalent to 61.73 Indian rupees.