India Globalization Capital, Inc. (NYSE MKT:IGC) announces financial results for the quarter ended June 30, 2016. Total revenue was $288,493 for the three months ended June 30, 2016, as compared to $1,858,809 for the three months ended June 30, 2015.  The decrease in revenue is attributable to the corporate mandate to reduce volume in the electronic trading business.

Selling, general and administrative expenses were $307,772 for the quarter ended June 30, 2016 as compared to $305,403 for the quarter ended June 30, 2015. Most of these expenses were incurred as a result of public-company costs.

The Company reported a consolidated GAAP net income loss of $383,566 and a GAAP EPS loss of $0.02 compared to a GAAP net income loss of $382,699 and a GAAP EPS loss of $0.03 for the three months ended June 30, 2015.

For the quarter ended June 30, 2016, our non-GAAP cash burn was approximately $254,654 after adjusting for $97,672 of depreciation and $31,240 of non-cash interest.

At the end of June 30, 2016, our cash and cash equivalents along with restricted cash was $1,325,550.

“We are pleased to move forward into the new fiscal year with a strong foundation for growth driven by our international infrastructure and real estate management division. Our recent acquisition of Cabaran Ultima will help us leverage significant management expertise as we look to develop high-end luxury complexes as further exemplified by our 10% stake in the $262 MM Genting Highlands project which was announced subsequent to the current quarter,” stated Ram Mukunda, CEO.

About IGC

In the United States, we develop phytocannabinoid-based therapies. We have several patent filings for the indications of Pain, Medical Refractory Epilepsy and Cachexia using phytocannabinoids. In addition, internationally we engage in leasing, trading, developing and managing infrastructure, and real estate projects. We are based in Bethesda, Maryland.

Our website: www.igcinc.us. Twitter @IGCIR Facebook.com/IGCIR/

Forward-looking Statements

Some of the statements contained in this press release that are not historical facts constitute forward-looking statements under the federal securities laws. Forward-looking statements can be identified by the use of the words "may," "will," "should," "could," "expects," "plans," "anticipates," "believes," "estimates," "predicts," "intends," "potential," "proposed" or the negative of those terms. These statements are not a guarantee of future developments and are subject to risks, uncertainties, and other factors, some of which are beyond IGC's control and are difficult to predict. Consequently, actual results may differ materially from information contained in the forward-looking statements as a result of future changes or developments in IGC's business and acquisition and diversification strategy, competitive environment, infrastructure demands, and governmental, regulatory, political, economic, legal and social conditions in, among other places, China and India. Except as required by federal securities laws, IGC undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information or future events, or otherwise. Other factors and risks that could cause or contribute to actual results differing materially from such forward-looking statements have been discussed in greater detail in IGC's Form 10-K for fiscal year ended March 31, 2016, and in subsequent reports filed with the U.S. Securities and Exchange Commission.

FINANCIAL STATEMENTS TO FOLLOW

INDIA GLOBALIZATION CAPITAL, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
 
    All amounts in USD except share data  
    As of  
    30-June - 16     31-March - 16  
    (unaudited)     (audited)  
ASSETS            
Current assets:            
Cash and cash equivalents   $ 1,325,550     $ 1,490,693  
Accounts receivable, net of allowances     591,575       962,658  
Inventories     58,647       162,091  
Prepaid expenses and other current assets     1,529,781       1,226,507  
Total current assets   $ 3,505,553     $ 3,841,949  
Goodwill     1,180,951       1,180,951  
Intangible Assets     113,321       113,321  
Property, plant and equipment, net     7,038,529       7,074,437  
Investments in affiliates     573,411       609,148  
Investments-others     5,229,910       5,175,392  
Deferred Income taxes     356,334       356,684  
Other non-current assets     497,632       507,300  
Total long-term assets   $ 14,990,088     $ 15,017,233  
Total assets   $ 18,495,641     $ 18,859,182  
LIABILITIES AND STOCKHOLDERS' EQUITY                
Current liabilities:                
Short -term borrowings     12,591       27,762  
Trade payables     259,204       330,631  
Accrued expenses     230,132       300,111  
Advance from customers     397,516       -  
Loans - others     133,333       189,680  
Notes payable     1,800,000       1,800,000  
Other current liabilities     565,181       550,877  
Total current liabilities   $ 3,397,957     $ 3,199,061  
Long -term borrowings     596,273       801,467  
Other non-current liabilities     909,892       910,583  
Total non-current liabilities   $ 1,506,165     $ 1,712,050  
Total liabilities   $ 4,904,122     $ 4,911,111  
Stockholders' equity:                
Common stock — $.0001 par value; 150,000,000 shares authorized; 23,265,531 issued and outstanding as of March 31, 2016 and 23,405,198   issued and outstanding as of June 30, 2016.   $ 2,340     $ 2,327  
Additional paid-in capital     65,942,286       65,885,243  
Accumulated other comprehensive income     (2,316,544 )     (2,269,357 )
Retained earnings (Deficit)     (50,527,357 )     (50,142,199 )
Total equity attributable to Parent   $ 13,100,725     $ 13,476,014  
 Non-controlling interest   $ 490,794     $ 472,057  
Total stockholders' equity   $ 13,591,519     $ 13,948,071  
Total liabilities and stockholders' equity   $ 18,495,641     $ 18,859,182  

These interim financial statements should be read in conjunction with the financial statements and notes included in the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2016 and Annual Report on Form 10-K for the fiscal year ended March 31, 2016. Quarterly financial results may not be indicative of the financial results for the entire fiscal year.

INDIA GLOBALIZATION CAPITAL, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
 
    All amounts in USD except share data  
    Three months ended June 30,  
  2016     2015  
             
Revenues   $ 288,493     $ 1,858,809  
Cost of revenues (excluding depreciation)     (201,854 )     (1,654,769 )
Selling, general and administrative expenses     (307,772 )     (305,403 )
Depreciation     (97,672 )     (155,974 )
Operating income (loss)   $ (318,805 )   $ (257,337 )
Interest expense     (43,278 )     (61,914 )
Interest income     -       694  
Other income, net     1,755       (35,057 )
Income before income taxes and minorityinterest attributable to non-controlling interest   $ (360,328 )   $ (353,614 )
Income taxes benefit/ (expense)     -       -  
Net income/(loss)   $ (360,328 )   $ (353,614 )
Non-controlling interests in earnings of subsidiaries     23,238       29,085  
Net income / (loss) attributable to common stockholders   $ (383,566 )   $ (382,699 )
Earnings/(loss) per share attributable to common stockholders:                
Basic   $ (0.02 )   $ (0.03 )
Diluted   $ (0.02 )   $ (0.03 )
Weighted-average number of shares used in computing earnings per share amounts:                
Basic     23,312,056       14,832,065  
Diluted     23,312,056       14,832,065  

These interim financial statements should be read in conjunction with the financial statements and notes included in the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2016 and Annual Report on Form 10-K for the fiscal year ended March 31, 2016. Quarterly financial results may not be indicative of the financial results for the entire fiscal year.

 

Contact:
Claudia Grimaldi
301-983-0998