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Raymond Ltd. fiscal Q1 loss narrows YOY

Raymond Ltd. its normalized net income for the fiscal first quarter ended June 30 came to a loss of 2.76 Indian rupees per share, compared with the S&P Capital IQ consensus estimate of 6.52 rupees per share.

The per-share loss narrowed 43.0% year over year from 4.85 rupees.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 169.6 million rupees, compared with a loss of 297.3 million rupees in the year-earlier period.

The normalized profit margin rose to negative 1.5% from negative 3.4% in the year-earlier period.

Total revenue climbed 25.4% on an annual basis to 10.96 billion rupees from 8.74 billion rupees, and total operating expenses increased 23.1% year over year to 10.96 billion rupees from 8.91 billion rupees.

Reported net income totaled a loss of 328.5 million rupees, or a loss of 5.35 rupees per share, compared to a loss of 496.8 million rupees, or a loss of 8.10 rupees per share, in the year-earlier period.

As of July 25, US$1 was equivalent to 60.01 Indian rupees.