India Globalization Capital talk results to July 2015

Revenue Increases by 143% as Company Executes on Core Initiatives

India Globalization Capital, Inc. (NYSE:IGC) announced financial results for the first quarter of its 2016 fiscal year ended June 30, 2015.

Total revenue was $1,858,809 for Q1 2015 as compared to $763,864 for Q1 2014. The revenue reported for both quarters was primarily from selling electronics components to OEMs and the India based heavy equipment rental business. The revenue reported in fiscal Q1 2015 was higher due to an increase in the volume of business.

In a statement the company said:

“Selling, general and administrative expenses were $305,403 for Q1 2015 and $1,077,686 for Q1 2014. Our SG&A has been reduced as we have shed costs associated with non-performing businesses, including the mining of iron ore.

“In Q1 2016, the Company reported a GAAP net income loss of $382,699 and a GAAP EPS loss of $0.03 compared to a GAAP net income loss of $1,201,429 and a GAAP EPS loss of $0.12 for Q1 2014. The improved performance for Q1 2016 is largely attributable to higher top line revenue with lower associated costs”.

“We have made significant progress in developing our key operating segments during the quarter and continue to build a foundation where we have a strategic advantage and can leverage our international presence. During fiscal 2016, we are committed to advancing our core mandates which includes the creation of a portfolio of marijuana and hemp based patents where we can partner to create and ultimately file for FDA approval of cannabinoid-based drugs for compassionate use in high potential indications,” said Ram Mukunda CEO of IGC.

Based in Bethesda, Maryland, IGC, Inc. is positioning itself in two of the world’s fastest growing industries — phytocannabinoid-based biopharmaceuticals and the Internet of Things. We supply electronic and health monitoring components to original equipment manufacturers (OEMs), and develop phytocannabinoid-based therapies for the treatment of a wide range of life altering conditions. In addition, we build leading edge facilities that can be used to grow and extract pharmaceutical grade phytocannabinoids. –

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