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Saptarishi Agro Industries fiscal Q1 loss narrows YOY

Saptarishi Agro Industries Ltd. said its normalized net income for the fiscal first quarter ended June 30 came to a loss of 3 Indian paise per share, compared with a loss of 4 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 803,130 rupees, compared with a loss of 1.3 million rupees in the prior-year period.

Total revenue fell 36.6% year over year to 199,000 rupees from 314,000 rupees, and total operating expenses decreased 16.2% year over year to 1.9 million rupees from 2.3 million rupees.

Reported net income totaled a loss of 1.3 million rupees, or a loss of 4 paise per share, compared to a loss of 2.3 million rupees, or a loss of 7 paise per share, in the year-earlier period.

As of July 24, US$1 was equivalent to 60.11 Indian rupees.