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Patspin India swings to profit in fiscal Q1

Patspin India Ltd. said its normalized net income for the fiscal first quarter ended June 30 amounted to 8 Indian paise per share, compared with a loss of 63 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 3.5 million rupees, compared with a loss of 19.1 million rupees in the prior-year period.

The normalized profit margin rose to 0.3% from negative 1.7% in the year-earlier period.

Total revenue rose 12.6% on an annual basis to 1.27 billion rupees from 1.13 billion rupees, and total operating expenses increased 10.2% from the prior-year period to 1.19 billion rupees from 1.08 billion rupees.

Reported net income came to 3.4 million rupees, or 8 paise per share, compared to a loss of 30.5 million rupees, or a loss of 1.01 rupees per share, in the prior-year period.

As of July 30, US$1 was equivalent to 60.35 Indian rupees.