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Dharani Sugars & Chemicals swings to profit in fiscal Q4

Dharani Sugars & Chemicals Ltd. said its normalized net income for the fiscal fourth quarter ended March 31 amounted to 9.43 Indian rupees per share, compared with a loss of 1.50 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 277.0 million rupees, compared with a loss of 44.1 million rupees in the prior-year period.

The normalized profit margin rose to 23.6% from negative 6.5% in the year-earlier period.

Total revenue rose 51.8% year over year to 1.03 billion rupees from 678.7 million rupees, and total operating expenses decreased 38.6% year over year to 459.3 million rupees from 748.5 million rupees.

Reported net income came to 366.5 million rupees, or 12.47 rupees per share, compared to a loss of 119.1 million rupees, or a loss of 4.05 rupees per share, in the prior-year period.

For the year, the company's normalized net income totaled a loss of 8.48 rupees per share, compared with a loss of 17.15 rupees per share in the prior year.

Normalized net income was a loss of 249.4 million rupees, compared with a loss of 504.1 million rupees in the prior year.

Full-year total revenue totaled 3.64 billion rupees, compared with 3.64 billion rupees in the prior year, and total operating expenses declined 13.3% year over year to 3.43 billion rupees from 3.95 billion rupees.

The company said reported net income totaled a loss of 117.1 million rupees, or a loss of 3.98 rupees per share, in the full year, compared with a loss of 741.6 million rupees, or a loss of 25.23 rupees per share, the prior year.

As of Sept. 30, US$1 was equivalent to 66.58 Indian rupees.