India Globalization Capital, Inc. (AMEX:IGC) revenue in Q1 2023 was approximately $212,000 an increase of 175% compared to $77,000 in the same quarter of 2022. Revenue in both quarters was primarily derived from the company’s Life Sciences segment, which involved sales of products such as lotion, gummies, and alcohol-based hand sanitizers, among others.
Q1 Fiscal 2023 Financial Highlights
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Gross profit was $142,000 an increase of 446% compared to $26,000 in the Q1 2022.
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Net loss for the three months ended June 30, 2022, was approximately $2.8 million or ($0.05) per share, compared to approximately $1.8 million or ($0.04) per share for the three months ended June 30, 2021.
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Selling, general, and administrative expenses were approximately $1.5 million for the three months ended June 30, 2022, and approximately $1.8 million for the three months ended June 30, 2021, a decrease of approximately $226,000 or 13% stemming mostly from a decrease in marketing and legal expenses.
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Research and development expenses were $1.4 million during the three months ended June 30, 2022, and approximately $444,000 for the three-month ended June 30, 2021.
Other Highlights
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The company has submitted a protocol to the U.S. Food and Drug Administration titled “A phase 2, mulls-center, double-blind, randomized, placebo-controlled, trial of the safety and efficacy of IGC-AD1 on agitation in participants with dementia due to Alzheimer’s disease.” The company has signed agreements with trial sites for conducting the trial, pending FDA approval.
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On June 7, 2022, the USPTO issued a patent (#11,351,152) to the company titled “Method and composition for treating seizure disorders.” The patent relates to compositions and methods for treating multiple types of seizure disorders and epilepsy in humans and animals using a combination of the CBD with other compounds.
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On May 10, 2022, Hamsa Biopharma India Pvt. Ltd., a directly owned subsidiary of the company, completed outstanding items in the agreement executed with the Jawaharlal Nehru Centre for Advanced Scientific Research. The agreement was signed on March 28, 2022, and the company obtained exclusive global rights to certain molecules, technology, patent, and patent filings.
Price Action
IGC shares were trading 5.47% higher at 58 cents per share, during Monday's pre-market session.
Photo by Giorgio Trovato on Unsplash
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