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Orosil Smiths India fiscal Q1 loss narrows YOY

Orosil Smiths India Ltd said its normalized net income for the fiscal first quarter ended June 30 came to a loss of 1 Indian paise per share, compared with a loss of 3 paise 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 436,880 rupees, compared with a loss of 1.3 million rupees in the year-earlier period.

The normalized profit margin rose to negative 4.5% from negative 16.1% in the year-earlier period.

Total revenue increased 24.2% on an annual basis to 9.7 million rupees from 7.8 million rupees, and total operating expenses rose 7.2% on an annual basis to 10.4 million rupees from 9.7 million rupees.

Reported net income came to a loss of 699,000 rupees, or a loss of 2 paise per share, compared to a loss of 2.0 million rupees, or a loss of 5 paise per share, in the prior-year period.

As of Aug. 14, US$1 was equivalent to 60.85 Indian rupees.