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Khaitan Electricals swings to loss in fiscal Q1

Khaitan Electricals Ltd said its normalized net income for the fiscal first quarter ended June 30 amounted to a loss of 4.24 Indian rupees per share, compared with 41 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 48.8 million rupees, compared with income of 4.7 million rupees in the year-earlier period.

The normalized profit margin declined to negative 4.0% from 0.4% in the year-earlier period.

Total revenue climbed on an annual basis to 1.23 billion rupees from 1.18 billion rupees, and total operating expenses rose 9.8% from the prior-year period to 1.22 billion rupees from 1.11 billion rupees.

Reported net income came to a loss of 78.9 million rupees, or a loss of 6.86 rupees per share, compared to income of 6.5 million rupees, or 56 paise per share, in the prior-year period.

As of Aug. 13, US$1 was equivalent to 61.07 Indian rupees.