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Tara Jewels swings to loss in fiscal Q4

Tara Jewels Ltd. said its normalized net income for the fiscal fourth quarter ended March 31 amounted to a loss of 1.81 Indian rupees per share, compared with 4.40 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 44.5 million rupees, compared with income of 108.3 million rupees in the year-earlier period.

The normalized profit margin dropped to negative 0.8% from 2.1% in the year-earlier period.

Total revenue rose 8.6% year over year to 5.74 billion rupees from 5.28 billion rupees, and total operating expenses grew 14.0% year over year to 5.74 billion rupees from 5.03 billion rupees.

Reported net income came to a loss of 58.8 million rupees, or a loss of 2.39 rupees per share, compared to income of 98.7 million rupees, or 4.01 rupees per share, in the year-earlier period.

For the year, the company's normalized net income totaled 9.66 rupees per share, a decrease of 41.5% from 16.51 rupees per share in the prior year.

Normalized net income was 237.9 million rupees, a decline of 41.5% from 406.5 million rupees in the prior year.

Full-year total revenue grew from the prior-year period to 18.01 billion rupees from 17.35 billion rupees, and total operating expenses increased 5.6% year over year to 17.06 billion rupees from 16.14 billion rupees.

The company said reported net income decreased 41.7% year over year to 254.4 million rupees, or 10.33 rupees per share, in the full year, from 436.6 million rupees, or 17.73 rupees per share.

As of Sept. 21, US$1 was equivalent to 67.00 Indian rupees.