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Lakshmi Energy & Foods fiscal Q2 loss narrows YOY

Lakshmi Energy and Foods Ltd said its normalized net income for the fiscal second quarter ended Sept. 30 amounted to a loss of 47 Indian paise per share, compared with a loss of 1.29 rupees 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 31.2 million rupees, compared with a loss of 83.7 million rupees in the prior-year period.

The normalized profit margin rose to negative 1.3% from negative 4.2% in the year-earlier period.

Total revenue climbed 24.1% year over year to 2.48 billion rupees from 2.00 billion rupees, and total operating expenses climbed 24.0% on an annual basis to 2.25 billion rupees from 1.81 billion rupees.

Reported net income came to a loss of 40.3 million rupees, or a loss of 61 paise per share, compared to a loss of 103.5 million rupees, or a loss of 1.59 rupees per share, in the year-earlier period.

As of Nov. 6, US$1 was equivalent to 66.11 Indian rupees.