Uttam Sugar Mills Ltd. said its normalized net income for the fiscal third quarter ended March 31 amounted to 3.02 Indian rupees per share, an increase from 1.00 rupees per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 122.3 million rupees, an increase from 42.6 million rupees in the prior-year period.

The normalized profit margin climbed to 6.2% from 2.9% in the year-earlier period.

Total revenue increased 34.5% on an annual basis to 1.96 billion rupees from 1.46 billion rupees, and total operating expenses climbed 32.0% on an annual basis to 1.60 billion rupees from 1.21 billion rupees.

Reported net income grew 71.2% on an annual basis to 228.5 million rupees, or 5.64 rupees per share, from 133.5 million rupees, or 3.15 rupees per share.

As of May 14, US$1 was equivalent to 63.54 Indian rupees.