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Singer India fiscal Q1 profit climbs 60.4% YOY

Singer India Ltd. said its normalized net income for the fiscal first quarter ended Sept. 30 amounted to 41 Indian paise per share, an increase of 60.2% from 25 paise per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 21.8 million rupees, a gain of 60.4% from 13.6 million rupees in the prior-year period.

The normalized profit margin increased to 3.0% from 2.0% in the year-earlier period.

Total revenue increased 6.5% year over year to 737.0 million rupees from 692.1 million rupees, and total operating expenses rose from the prior-year period to 706.2 million rupees from 673.7 million rupees.

Reported net income increased 67.6% on an annual basis to 24.8 million rupees, or 46 paise per share, from 14.8 million rupees, or 28 paise per share.

As of Nov. 5, US$1 was equivalent to 65.90 Indian rupees.