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IGC Announces Financial Results for Quarter Ended December 31, 2018

The Associated Press

BETHESDA,Md.--(BUSINESS WIRE)--Feb 11, 2019--India Globalization Capital, Inc. (OTC: IGCC) announces financial results for the quarter ended December 31, 2018, which is the third quarter of its 2019 fiscal year (Q-3 2019).

Revenue for Q-3 2019 was approximately $1,285 thousand as compared to approximately $762 thousand for the three months ended December 31, 2017 (Q-3 2018). The revenue for the nine months ended December 31, 2018 was approximately $3,574 thousand as compared to $1,051 thousand for the nine months ended December 31, 2017. All revenue was attributable to the infrastructure business operations.

For Q-3 2019, the Company reported SG&A expense of approximately $807 thousand compared to approximately $512 thousand for Q-3 2018. The increase in SG&A is attributable to public company expenses, the issuance of noncash stock and options, and legal fees. For the three months ended Q-3 2019 the Company reported hemp (medical cannabis) related R&D of approximately $166 thousand compared to approximately $0 for Q-3 2018. For the nine months ended Q-3 2019 the Company reported hemp (medical cannabis) related R&D of approximately $445 thousand compared to approximately $58 thousand for the nine months ended Q-3 2018.

The consolidated GAAP net income loss for Q-3 2019 is approximately $1,148 thousand, which is a GAAP EPS loss of ($0.03), compared to a GAAP net loss of approximately $533 thousand and a GAAP EPS loss of ($0.02) for Q-3 2018. The net income in Q-3 2019 includes two one-time extraordinary items: a) about $650 thousand of inventory that was written off in the quarter, and b) a gain of $300 thousand from the settlement of debt.

About IGC:

IGC has two lines of business: infrastructure and medical cannabis. The company is based in Maryland, U.S.A.

Our website: www.igcinc.us

Twitter @IGCIR

Forward-looking Statements:

Please see forward looking statements and risk factors as discussed in detail in IGC's Form 10K for fiscal year ended March 31, 2018, and in other reports filed with the U.S. Securities and Exchange Commission.

View source version on businesswire.com:https://www.businesswire.com/news/home/20190211005828/en/

CONTACT: Claudia Grimaldi

301-983-0998

KEYWORD: UNITED STATES NORTH AMERICA MARYLAND

INDUSTRY KEYWORD: HEALTH ALTERNATIVE MEDICINE

SOURCE: India Globalization Capital, Inc.

Copyright Business Wire 2019.

PUB: 02/11/2019 10:23 PM/DISC: 02/11/2019 10:23 PM

http://www.businesswire.com/news/home/20190211005828/en