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Educomp Solutions fiscal Q1 loss widens YOY

Educomp Solutions Ltd. said its normalized net income for the fiscal first quarter ended June 30 was a loss of 4.89 Indian rupees per share, compared with a loss of 1.32 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 598.8 million rupees, compared with a loss of 161.8 million rupees in the year-earlier period.

The normalized profit margin fell to negative 41.7% from negative 7.0% in the year-earlier period.

Total revenue fell 37.6% on an annual basis to 1.44 billion rupees from 2.30 billion rupees, and total operating expenses fell 31.6% from the prior-year period to 1.55 billion rupees from 2.27 billion rupees.

Reported net income came to a loss of 3.44 billion rupees, or a loss of 28.08 rupees per share, compared to a loss of 239.7 million rupees, or a loss of 1.96 rupees per share, in the year-earlier period.

As of Aug. 13, US$1 was equivalent to 61.07 Indian rupees.