© Reuters. More on India Globalization Capital’s FY results
- India Globalization Capital (IGC +2%) reported FY revenue of $2.19M (+277.6% Y/Y), the revenue was generated from legacy business that includes trading of steel and iron ore and rental of heavy equipment.
- FY gross margin declined by 3,388 bps to 3.72% and operating recovered by 27,239 bps to -81.6%.
- SG&A expenses decreased by 17.7% Y/Y to $1.87M.
- Company expects to add revenue from Hyalolex in the second half of 2018, with a goal of introducing the product into 10 states by the end of 2018 and maintain annual trading revenue of $3-5M from legacy business.
- Cash and cash equivalents of $1.65M as of March 31, 2018.
- Company developed a QR code-based system for patients to access a specific website with information on Hyalolex, and also are in the process of creating a mobile optimized version. With increasing availability of the product in different states, company plans to expand the back-end to a blockchain allowing direct inputs from growers, processors and dispensaries.
- Previously: India Globalization Capital reports FY results (June 22)
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