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Piramal Phytocare fiscal Q4 loss widens 76.1% YOY

Piramal Phytocare Ltd. said its normalized net income for the fiscal fourth quarter ended March 31 amounted to a loss of 19 Indian paise per share, compared with a loss of 13 paise per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 5.1 million rupees, compared with a loss of 2.9 million rupees in the prior-year period.

The normalized profit margin declined to negative 39.1% from negative 6.6% in the year-earlier period.

Total revenue declined 70.3% year over year to 13.0 million rupees from 43.8 million rupees, and total operating expenses decreased 59.7% from the prior-year period to 19.0 million rupees from 47.1 million rupees.

Reported net income totaled a loss of 8.1 million rupees, or a loss of 30 paise per share, compared to a loss of 4.6 million rupees, or a loss of 20 paise per share, in the year-earlier period.

For the year, the company's normalized net income totaled a loss of 83 paise per share, compared with a loss of 1.02 rupees per share in the prior year.

Normalized net income was a loss of 21.6 million rupees, compared with a loss of 26.4 million rupees in the prior year.

Full-year total revenue decreased 21.6% on an annual basis to 47.1 million rupees from 60.1 million rupees, and total operating expenses fell 19.8% year over year to 82.3 million rupees from 102.6 million rupees.

The company said reported net income came to a loss of 34.6 million rupees, or a loss of 1.33 rupees per share, in the full year, compared with a loss of 42.3 million rupees, or a loss of 1.63 rupees per share, the prior year.

As of June 12, US$1 was equivalent to 64.05 Indian rupees.