Neo Corp International Ltd said its normalized net income for the fiscal first quarter ended June 30 amounted to 2.47 Indian rupees per share, an increase of 47.9% from 1.67 rupees per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 93.8 million rupees, an increase of 47.7% from 63.5 million rupees in the prior-year period.

The normalized profit margin fell to 3.6% from 3.6% in the year-earlier period.

Total revenue increased 49.6% year over year to 2.62 billion rupees from 1.75 billion rupees, and total operating expenses rose 51.7% year over year to 2.38 billion rupees from 1.57 billion rupees.

Reported net income increased 41.0% on an annual basis to 105.7 million rupees, or 2.78 rupees per share, from 75.0 million rupees, or 1.97 rupees per share.

As of Aug. 14, US$1 was equivalent to 60.85 Indian rupees.