Kanel Industries Ltd said its normalized net income for the fiscal first quarter ended June 30 came to 396,250 rupees, compared with a loss of 388,750 rupees in the year-earlier period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin increased to negative 1.0% from negative 3.2% in the year-earlier period.

Total revenue grew on an annual basis to 40.7 million rupees from 12.1 million rupees, and total operating expenses grew from the prior-year period to 41.3 million rupees from 12.6 million rupees.

Reported net income came to a loss of 634,000 rupees, compared with a loss of 622,000 rupees in the year-earlier period.

As of Aug. 13, US$1 was equivalent to 65.29 Indian rupees.