The bulker company said it logged a net deficit of INR 49.4m ($0.8m) to 30 September, from INR 34.1m in the same period of 2013.
Revenue fell to INR 17.1m, compared to INR 39.1m the year before.
Depreciation costs alone were higher than revenue at INR 22.2m.
Overall operating expenses were down slightly at INR 76.8m, from INR 78.4m in 2013.
Last month, TradeWinds reported that India’s booming coal trade had enticed Chowgule to revive its fleet expansion plans, shelved last year, with a newbuilding order at a Japanese yard.
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