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IGC Announces Financial Results for Quarter Ended December 31, 2018

BETHESDA,Md.–(BUSINESS WIRE)–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.

Contacts

Claudia Grimaldi
301-983-0998

leverton

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