IGC Reports Financial Results for the Fiscal Year Ended March 31, 2019 - IGC Pharma (AMEX:IGC)

India Globalization Capital, Inc. IGC announces its financial results for the Fiscal Year Ended March 31, 2019.

Fiscal 2019 revenue was approximately $5.12 million compared to approximately $2.19 million for Fiscal 2018. In both years, revenue was primarily derived from our India based Infrastructure Business which consists of a) rental of heavy equipment; b) execution of construction contracts; and c) the sale of infrastructure commodities.

During the two last weeks of Fiscal 2019, sales commenced in the Plant and Cannabinoid Business. Specifically, on March 22, 2019, the Company began offering hemp-based cannabidiol (CBD) under the brand Holi Hemp^TM and that contributed $25 thousand to total revenue. On March 27, 2019 Hyalolex^TM, the Company's flagship product for helping improve the quality of life for elderly patients suffering from Alzheimer's, became available through select dispensaries in Puerto Rico.

SG&A expense for Fiscal 2019 was approximately $3.52 million as compared to approximately $1.73 million for Fiscal 2018. Approximately $1.1 million of the increase is due to legal and professional fees.

Research and Development (R&D) expense for Fiscal 2019 was approximately $1.3 million compared to approximately $137 thousand for the Fiscal 2018. R&D expenses are entirely from our Plant and Cannabinoid Business and relate primarily to a) Hyalolex^TM, Serosapse^TM, Natrinol^TM, and Holi Hemp^TM products; b) costs associated with the preparation of FDA filings, and preparation for medical trials; and c) inventory that was shown as work in progress in Fiscal 2018.

Net loss for Fiscal 2019 was approximately $4.1 million or $0.13 per share, compared to approximately $1.79 million or $0.06 per share for Fiscal 2018. Increased expenses outlined above were primarily the cause of the larger loss.

About IGC:

IGC has two lines of business: a) infrastructure, and b) plant and cannabinoid-based products. The company is based in Maryland, U.S.A. Our website: www.igcinc.us.Twitter @IGCIR

Forward-looking Statements:

This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934. These forward-looking statements are based largely on IGC's expectations and are subject to a number of risks and uncertainties, certain of which are beyond IGC's control. Actual results could differ materially from these forward-looking statements as a result of, among other factors, competitive conditions in the industries in which IGC operates, failure to commercialize one or more of the technologies of IGC, general economic conditions that are less favorable than expected, the Federal Food and Drug Administration's (FDA) general position regarding hemp based products and our products in particular, and other factors, many of which are discussed in our SEC filings. In light of these risks and uncertainties, there can be no assurance that the forward-looking information contained in this release will in fact occur.

India Globalization Capital, Inc. CONSOLIDATED BALANCE SHEETS (in thousands, except share data)
	March 31, 2019 ($)			March 31, 2018 ($)
ASSETS
Current assets:
Cash and cash equivalents		25,610			1,658
Accounts receivable, net of allowances		84			558
Inventory		248			486
Investment held for sale		-			148
Deposits and advances		781			355
Total current assets		26,723			3,205

Intangible assets, net		184			128
Property, plant and equipment, net		5,886			6,237
Investments in unlisted securities		794			799
Claims and advances		878			484
Total long-term assets		7,742			7,648
Total assets		34,465			10,853
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable		319			258
Accrued liabilities and others		509			288
Short-term loan		50			-
Notes payable		-			1,800
Total current liabilities		878			2,346

Loan		-			427
Other liabilities		15			15
Total non-current liabilities		15			442
Total liabilities		893			2,788

Commitments and Contingencies – See Note 11

Stockholders' equity:
Common stock and additional paid-in capital, $0.0001 par value: 150,000,000 shares authorized; 39,501,407 and 30,764,192 shares issued and outstanding as on March 31, 2019 and March 31, 2018 respectively.		94,043			63,917
Accumulated other comprehensive loss		(2,419	)		(2,057	)
Accumulated deficit		(58,052	)		(53,795	)
Total stockholders' equity		33,572			8,065
Total liabilities and stockholders' equity		34,465			10,853

These financial statements should be read in connection with the accompanying notes on Form 10-K for the
fiscal year ending March 31, 2019, filed with the SEC on June 14, 2019.

India Globalization Capital, Inc. CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (in thousands, except loss per share)
	Years Ended March 31,
	2019 ($)			2018 ($)
Revenues		5,116			2,193
Cost of revenues		(4,984	)		(2,111	)
Gross profit		132			82
General and administrative expenses		(3,519	)		(1,734	)
Research and development expenses		(1,256	)		(137	)
Operating loss		(4,643	)		(1,789	)
Other income – net		548			3
Loss before income taxes		(4,095	)		(1,786	)
Income taxes expense		(2	)		-
Net loss attributable to common stockholders		(4,097	)		(1,786	)
Foreign currency translation adjustments		(362	)		(9	)
Comprehensive loss		(4,459	)		(1,795	)

Loss per share attributable to common stockholders:
Basic & diluted	$	(0.13	)	$	(0.06	)
Weighted-average number of shares used in computing loss per share amounts:		35,393			27,937

These financial statements should be read in connection with the accompanying notes on Form 10-K for the
fiscal year ending March 31, 2019, filed with the SEC on June 14, 2019.

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