Sharda Motor Industries Ltd. said its normalized net income for the fiscal first quarter ended June 30 was 8.60 Indian rupees per share, a gain of 36.3% from 6.31 rupees per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 51.1 million rupees, an increase of 36.4% from 37.5 million rupees in the year-earlier period.

The normalized profit margin increased to 2.5% from 1.8% in the year-earlier period.

Total revenue declined year over year to 2.06 billion rupees from 2.12 billion rupees, and total operating expenses fell 5.4% year over year to 1.94 billion rupees from 2.05 billion rupees.

Reported net income fell 16.3% on an annual basis to 71.9 million rupees, or 12.09 rupees per share, from 85.9 million rupees, or 14.45 rupees per share.

As of Aug. 7, US$1 was equivalent to 61.24 Indian rupees.