Sharda Motor Industries Ltd. said its normalized net income for the fiscal first quarter ended June 30 came to 10.39 Indian rupees per share, a gain of 20.8% from 8.60 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 61.8 million rupees, a gain of 20.8% from 51.1 million rupees in the year-earlier period.

The normalized profit margin climbed to 2.9% from 2.5% in the year-earlier period.

Total revenue grew on an annual basis to 2.12 billion rupees from 2.06 billion rupees, and total operating expenses increased on an annual basis to 2.00 billion rupees from 1.94 billion rupees.

Reported net income fell 27.9% on an annual basis to 51.9 million rupees, or 8.72 rupees per share, from 71.9 million rupees, or 12.09 rupees per share.

As of Aug. 7, US$1 was equivalent to 63.74 Indian rupees.