LWS Knitwear Ltd. said its normalized net income for the fiscal first quarter ended June 30 amounted to 2 Indian paise per share, an increase of 50.0% from 1 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 81,250 rupees, an increase of 62.5% from 50,000 rupees in the year-earlier period.

The normalized profit margin declined to 0.2% from 0.4% in the year-earlier period.

Total revenue grew year over year to 53.0 million rupees from 11.4 million rupees, and total operating expenses rose on an annual basis to 52.9 million rupees from 11.3 million rupees.

Reported net income rose 62.5% year over year to 130,000 rupees, or 3 paise per share, from 80,000 rupees, or 2 paise per share.

As of July 15, US$1 was equivalent to 63.50 Indian rupees.