Parag Milk Foods Ltd. said its normalized net income for the fiscal fourth quarter ended March 31 was 2.38 Indian rupees per share, an increase of 86.6% from 1.28 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 155.9 million rupees, an increase of 76.8% from 88.2 million rupees in the year-earlier period.

The normalized profit margin increased to 3.8% from 2.5% in the year-earlier period.

Total revenue increased 19.7% on an annual basis to 4.15 billion rupees from 3.46 billion rupees, and total operating expenses climbed 15.5% from the prior-year period to 3.76 billion rupees from 3.25 billion rupees.

Reported net income fell year over year to 153.8 million rupees, or 2.35 rupees per share, from 160.8 million rupees, or 2.33 rupees per share.

For the year, the company's normalized net income totaled 7.07 rupees per share, an increase of 97.8% from 3.57 rupees per share in the prior year.

Normalized net income was 463.2 million rupees, a rise of 87.9% from 246.5 million rupees in the prior year.

Full-year total revenue increased 13.9% from the prior-year period to 16.45 billion rupees from 14.44 billion rupees, and total operating expenses increased 12.0% year over year to 15.22 billion rupees from 13.59 billion rupees.

The company said reported net income grew 46.9% year over year to 473.1 million rupees, or 7.22 rupees per share, in the full year, from 322.0 million rupees, or 4.67 rupees per share.

As of Sept. 30, US$1 was equivalent to 66.58 Indian rupees.