United Nilgiri Tea Estates Co. Ltd. said its normalized net income for the fiscal first quarter ended June 30 came to 4.32 Indian rupees per share, an increase of 34.3% from 3.21 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 21.6 million rupees, a gain of 34.3% from 16.1 million rupees in the prior-year period.

The normalized profit margin rose to 15.8% from 15.2% in the year-earlier period.

Total revenue climbed 28.9% year over year to 136.5 million rupees from 105.9 million rupees, and total operating expenses climbed 29.3% from the prior-year period to 106.7 million rupees from 82.5 million rupees.

Reported net income increased 28.3% on an annual basis to 25.8 million rupees, or 5.16 rupees per share, from 20.1 million rupees, or 4.02 rupees per share.

As of Aug. 4, US$1 was equivalent to 63.75 Indian rupees.