|NetworkNewsBreaks – India Globalization Capital, Inc. (NYSE: IGC) Reports Financial Results for Fiscal Year Ended March 31, 2017|
India Globalization Capital, Inc. (NYSE MKT: IGC), a developer of cannabis-based therapies to treat a variety of life-altering conditions, this morning announced its financial results for the fiscal year ended March 31, 2017. “In fiscal 2017, our major accomplishments include the advancement of our phytocannabinoid patent filing portfolio to large market indications,” Ram Mukunda, CEO of IGC, noted in the news release. “And in order to keep this focus on the medical cannabis industry, we disposed of our low-margin iron ore and electronic trading businesses, and retired about 10% of our outstanding common stock; thus reducing revenue, PP&E, and stockholder’s equity. We firmly believe that this planned strategic move positions our Company for growth in one of the fastest growing industries in America.” Though revenues were down for the period due to the company’s transition away from its electronic trading business, IGC achieved a 30.6 percent year-over-year improvement to its selling, general and administrative expenses total.
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