IFB Industries Ltd. said its normalized net income for the fiscal first quarter ended June 30 was 3.36 Indian rupees per share, an increase of 91.4% from 1.76 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 136.1 million rupees, an increase of 8.4% from 125.6 million rupees in the year-earlier period.

The normalized profit margin fell to 4.8% from 5.6% in the year-earlier period.

Total revenue increased 26.3% year over year to 2.85 billion rupees from 2.26 billion rupees, and total operating expenses increased 17.5% year over year to 2.69 billion rupees from 2.29 billion rupees.

Reported net income increased from the prior-year period to 173.4 million rupees, or 4.28 rupees per share, from 35.1 million rupees, or 49 paise per share.

As of Aug. 8, US$1 was equivalent to 61.15 Indian rupees.