Rane Engine Valve Ltd. said its normalized net income for the fiscal first quarter ended June 30 amounted to a loss of 5.85 Indian rupees per share, compared with a loss of 20 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 a loss of 39.3 million rupees, compared with a loss of 1.0 million rupees in the prior-year period.

The normalized profit margin dropped to negative 4.5% from negative 0.1% in the year-earlier period.

Total revenue rose 23.9% on an annual basis to 868.1 million rupees from 700.4 million rupees, and total operating expenses climbed 35.2% year over year to 905.2 million rupees from 669.4 million rupees.

Reported net income totaled 150.9 million rupees, or 22.46 rupees per share, compared to a loss of 1.1 million rupees, or a loss of 21 paise per share, in the prior-year period.

As of July 21, US$1 was equivalent to 63.54 Indian rupees.