IGC Announces Third Quarter Financial Results

BETHESDA, MD / ACCESSWIRE / February 16, 2016 / India Globalization Capital, Inc. (NYSE MKT: IGC) announced financial results for the third quarter ended December 31, 2015 for the fiscal year that ends March 31, 2016 (the "Q3 2016").

Revenue for fiscal Q3 2016 was $1,084,651 compared to $2,542,192 for fiscal Q3 2015. The reduction in revenue was due to a decrease in low margin activity associated with the trading of electronics and rental of heavy equipment. After prudent market assessment, Management determined that the Company should further position itself to mitigate risk and credit exposure given the slowdown in China and global trading visibility.

Selling, general and administrative expenses were $437,717 for Q3 2016 as compared to $544,551 for Q3 2015. The improvement in SG&A primarily reflects expense reduction initiatives associated with the legacy mining business.

In Q3 2016, the Company reported a GAAP loss of $402,684 and a GAAP EPS loss of $0.02, compared to a GAAP net loss of $590,114 and a GAAP EPS loss of $0.05 for Q3 2015. The improved quarterly performance is attributable to Management's efforts to rightsize current business segments.

"We are pleased to move forward in fiscal 2016 with the goal of achieving profitability as we accelerate our development of phytocannabinoid therapies and build best in class infrastructure to support growing plant based medical grade active pharmaceutical ingredients. The Company has made great progress in transitioning from its legacy operations and is now positioned to address the needs of high potential markets to benefit all of our stakeholders," stated Ram Mukunda, CEO.

About IGC

In the United States, we develop phytocannabinoid-based therapies and build state-of-the art farming facilities that we can eventually use to grow and extract pharmaceutical grade phytocannabinoids. Longer term, we expect to position the company to be a leading provider of cannabinoid based Active Pharmaceutical Ingredients ("API"). Internationally, IGC engages in leasing, trading and managing infrastructure projects. IGC has several patent filings for the indications of Pain, Medical Refractory Epilepsy and Cachexia using cannabinoids. We are based in Bethesda, Maryland.

Our website: www.igcinc.us. Twitter @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 our business, our acquisition and diversification strategy, our competitive environment, and governmental, regulatory, political, economic, legal and social conditions. 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, 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, 2015, and in subsequent reports filed with the U.S. SEC.

Contact:

Claudia Grimaldi
301-983-0998

INDIA GLOBALIZATION CAPITAL, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS

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 December 31, 2015 and Annual Report on Form 10-K for the fiscal year ended March 31, 2015. 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)

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 December 31, 2015 and Annual Report on Form 10-K for the fiscal year ended March 31, 2015. Quarterly financial results may not be indicative of the financial results for the entire fiscal year.

SOURCE: India Globalization Capital, Inc.