IGC Pharma, Inc. Reports Net Loss of $11.5 Million for Fiscal Year 2023

IGC Pharma, Inc.(IGC) announced its consolidated financial results for the fiscal year ended March 31, 2023. The pharmaceutical company reported a net loss of $11.5 million, reflecting a challenging year for the industry. However, there was a significant increase in revenue, which reached $911,000, indicating strong growth and positive prospects for the company.

Challenging Year Leads to Net Loss of $11.5 Million

IGC Pharma, Inc. faced a difficult fiscal year, reporting a net loss of $11.5 million for the period ending March 31, 2023. This represents a decline compared to the previous year when the company reported a net loss of $15.0 million. The loss can be attributed to various factors, including increased operating expenses and impairment charges. During the fiscal year, the company incurred selling, general, and administrative expenses amounting to $8.6 million. These expenses, combined with research and development costs of $3.5 million, contributed to the overall operating loss of $11.6 million. Additionally, an impairment charge of $49,000 related to an investment further impacted the company's financial performance.