Sreeleathers Ltd. said its normalized net income for the fiscal first quarter ended June 30 was 66 Indian paise per share, an increase of 8.6% from 61 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 16.6 million rupees, an increase of 8.2% from 15.3 million rupees in the prior-year period.

The normalized profit margin declined to 10.6% from 12.4% in the year-earlier period.

Total revenue rose 26.3% year over year to 155.9 million rupees from 123.4 million rupees, and total operating expenses grew 28.4% year over year to 127.3 million rupees from 99.1 million rupees.

Reported net income grew from the prior-year period to 16.8 million rupees, or 67 paise per share, from 16.1 million rupees, or 64 paise per share.

As of Aug. 14, US$1 was equivalent to 60.85 Indian rupees.