NTC industries Ltd. said its normalized net income for the fiscal first quarter ended June 30 amounted to 40 Indian paise per share, an increase of 16.4% from 34 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 4.3 million rupees, an increase of 16.6% from 3.7 million rupees in the year-earlier period.

The normalized profit margin dropped to 5.4% from 8.1% in the year-earlier period.

Total revenue rose 75.5% year over year to 80.0 million rupees from 45.6 million rupees, and total operating expenses increased 84.2% from the prior-year period to 73.2 million rupees from 39.7 million rupees.

Reported net income grew 16.6% from the prior-year period to 6.9 million rupees, or 64 paise per share, from 5.9 million rupees, or 55 paise per share.

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