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Kaveri Seed swings to loss in fiscal Q2

Kaveri Seed Co. Ltd. said its normalized net income for the fiscal second quarter ended Sept. 30 was a loss of 4.15 Indian rupees per share, compared with the S&P Capital IQ consensus estimate of 3.20 rupees per share.

The per-share result swung to a loss from the prior-year profit of 3.21 rupees.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 286.4 million rupees, compared with income of 221.2 million rupees in the year-earlier period.

The normalized profit margin declined to negative 30.7% from 10.9% in the year-earlier period.

Total revenue declined 54.1% year over year to 934.2 million rupees from 2.04 billion rupees, and total operating expenses decreased 16.5% year over year to 1.45 billion rupees from 1.73 billion rupees.

Reported net income came to a loss of 475.3 million rupees, or a loss of 6.88 rupees per share, compared to income of 335.2 million rupees, or 4.87 rupees per share, in the year-earlier period.

As of Nov. 13, US$1 was equivalent to 66.19 Indian rupees.