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Tilaknagar Industries swings to loss in fiscal Q3

Tilaknagar Industries Ltd. said its normalized net income for the fiscal third quarter ended Dec. 31, 2015, came to a loss of 2.99 Indian rupees per share, compared with 6 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 373.3 million rupees, compared with income of 7.4 million rupees in the prior-year period.

The normalized profit margin fell to negative 30.1% from 0.4% in the year-earlier period.

Total revenue decreased 30.7% year over year to 1.24 billion rupees from 1.79 billion rupees, and total operating expenses decreased on an annual basis to 1.52 billion rupees from 1.56 billion rupees.

Reported net income came to a loss of 597.3 million rupees, or a loss of 4.79 rupees per share, compared to a loss of 9.9 million rupees, or a loss of 8 paise per share, in the year-earlier period.

As of Feb. 12, US$1 was equivalent to 68.19 Indian rupees.