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Lakshmi Mills swings to profit in fiscal Q1

The Lakshmi Mills Company Ltd said its normalized net income for the fiscal first quarter ended June 30 was 6.32 Indian rupees per share, compared with a loss of 11.79 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 4.4 million rupees, compared with a loss of 8.2 million rupees in the prior-year period.

The normalized profit margin rose to 0.8% from negative 1.8% in the year-earlier period.

Total revenue rose 23.1% year over year to 558.1 million rupees from 453.4 million rupees, and total operating expenses increased 20.9% on an annual basis to 534.1 million rupees from 441.8 million rupees.

Reported net income declined 95.8% year over year to 6.0 million rupees, or 8.67 rupees per share, from 144.8 million rupees, or 208.12 rupees per share.

As of July 25, US$1 was equivalent to 60.01 Indian rupees.