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Dhanlaxmi Fabrics swings to loss in fiscal Q2

Dhanlaxmi Fabrics Ltd. said its normalized net income for the fiscal second quarter ended Sept. 30 amounted to a loss of 28 Indian paise per share, compared with 31 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 2.4 million rupees, compared with income of 2.7 million rupees in the year-earlier period.

The normalized profit margin dropped to negative 1.2% from 1.9% in the year-earlier period.

Total revenue increased 38.8% year over year to 193.7 million rupees from 139.5 million rupees, and total operating expenses grew 44.2% on an annual basis to 192.1 million rupees from 133.2 million rupees.

Reported net income came to a loss of 3.8 million rupees, or a loss of 44 paise per share, compared to income of 4.3 million rupees, or 50 paise per share, in the year-earlier period.

As of Nov. 18, US$1 was equivalent to 61.75 Indian rupees.