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Sri Ramakrishna Mills fiscal Q2 loss widens 98.8% YOY

Sri Ramakrishna Mills (Coimbatore) Ltd. said its normalized net income for the fiscal second quarter ended Sept. 30 came to a loss of 1.52 Indian rupees per share, compared with a loss of 77 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 10.9 million rupees, compared with a loss of 5.5 million rupees in the year-earlier period.

The normalized profit margin fell to negative 24.4% from negative 14.7% in the year-earlier period.

Total revenue rose 19.8% year over year to 44.5 million rupees from 37.1 million rupees, and total operating expenses increased 42.6% from the prior-year period to 57.7 million rupees from 40.5 million rupees.

Reported net income came to a loss of 17.4 million rupees, or a loss of 2.44 rupees per share, compared to a loss of 8.7 million rupees, or a loss of 1.23 rupees per share, in the prior-year period.

As of Nov. 13, US$1 was equivalent to 66.19 Indian rupees.