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Concrete Credit fiscal Q1 profit climbs YOY

Concrete Credit Ltd. said its normalized net income for the fiscal first quarter ended June 30 amounted to 41,880 rupees, an increase from 630 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 rose to 0.2% from 0.2% in the year-earlier period.

Total revenue rose on an annual basis to 18.5 million rupees from 289,000 rupees, and total operating expenses rose from the prior-year period to 18.5 million rupees from 288,000 rupees.

Reported net income increased on an annual basis to 47,000 rupees, or 1 paisa per share, from 1,000 rupees.

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