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Hindustan Hardy Spicer swings to loss in fiscal Q4

Hindustan Hardy Spicer Ltd said its normalized net income for the fiscal fourth quarter ended March 31 came to a loss of 11.72 Indian rupees per share, compared with 3.92 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 17.6 million rupees, compared with income of 5.9 million rupees in the prior-year period.

The normalized profit margin declined to negative 4.9% from 4.5% in the year-earlier period.

Total revenue rose 17.1% year over year to 154.8 million rupees from 132.2 million rupees, and total operating expenses climbed 32.4% on an annual basis to 172.7 million rupees from 130.4 million rupees.

Reported net income came to a loss of 17.4 million rupees, or a loss of 11.63 rupees per share, compared to a loss of 711,000 rupees, or a loss of 47 paise per share, in the prior-year period.

For the year, the company's normalized net income totaled a loss of 8.91 rupees per share, compared with 6.89 rupees per share in the prior year.

Normalized net income was a loss of 13.3 million rupees, compared with income of 10.3 million rupees in the prior year.

Full-year total revenue increased 7.7% year over year to 522.6 million rupees from 485.0 million rupees, and total operating expenses rose 12.2% on an annual basis to 527.3 million rupees from 469.8 million rupees.

The company said reported net income came to a loss of 15.7 million rupees, or a loss of 10.49 rupees per share, in the full year, compared with income of 8.4 million rupees, or 5.64 rupees per share, the prior year.

As of July 20, US$1 was equivalent to 63.64 Indian rupees.