Piccadily Sugar & Allied Industries Ltd. said its normalized net income for the fiscal fourth quarter ended March 31 came to 6.5 million rupees, a gain from 67,200 rupees in the year-earlier period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin increased to 17.2% from 0.2% in the year-earlier period.

Total revenue rose year over year to 37.9 million rupees from 36.4 million rupees, and total operating expenses fell 6.4% from the prior-year period to 40.9 million rupees from 43.7 million rupees.

Reported net income rose year over year to 7.2 million rupees, or 32 paise per share, from 307,110 rupees, or 1 paise per share.

For the year, the company's normalized net income totaled 997,320 rupees, compared with income of 129,700 rupees in the prior year.

Full-year total revenue decreased 14.7% on an annual basis to 122.0 million rupees from 143.0 million rupees, and total operating expenses decreased 8.9% on an annual basis to 134.9 million rupees from 148.0 million rupees.

The company said reported net income came to a loss of 2.6 million rupees, or a loss of 11 paise per share, in the full year, compared with a loss of 619,890 rupees, or a loss of 3 paise per share, the prior year.

As of May 29, US$1 was equivalent to 63.76 Indian rupees.