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Educomp Solutions fiscal Q2 loss widens 40.5% YOY

Educomp Solutions Ltd said its normalized net income for the fiscal second quarter ended Sept. 30 came to a loss of 5.65 Indian rupees per share, compared with a loss of 4.03 rupees per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 692.5 million rupees, compared with a loss of 493.0 million rupees in the year-earlier period.

The normalized profit margin dropped to negative 54.3% from negative 37.8% in the year-earlier period.

Total revenue fell on an annual basis to 1.28 billion rupees from 1.31 billion rupees, and total operating expenses declined 9.8% on an annual basis to 1.53 billion rupees from 1.70 billion rupees.

Reported net income totaled a loss of 1.29 billion rupees, or a loss of 10.50 rupees per share, compared to a loss of 5.67 billion rupees, or a loss of 46.32 rupees per share, in the year-earlier period.

As of Nov. 9, US$1 was equivalent to 66.41 Indian rupees.