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Diligent Industries swings to profit in fiscal Q1

Diligent Industries Ltd. said its normalized net income for the fiscal first quarter ended June 30 amounted to 9 Indian paise per share, compared with a loss of 3 paise per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 1.9 million rupees, compared with a loss of 251,250 rupees in the prior-year period.

The normalized profit margin was 1.1%.

Total revenue rose year over year to 177.8 million rupees from 37,000 rupees, and total operating expenses climbed year over year to 169.0 million rupees from 439,000 rupees.

Reported net income came to 2.1 million rupees, or 10 paise per share, compared to a loss of 402,000 rupees, or a loss of 5 paise per share, in the year-earlier period.

As of Aug. 13, US$1 was equivalent to 61.07 Indian rupees.