STI India Ltd. said its normalized net income for the fiscal first quarter ended June 30 came to a loss of 20 Indian paise per share, compared with a loss of 68 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 5.9 million rupees, compared with a loss of 19.9 million rupees in the prior-year period.

The normalized profit margin climbed to negative 4.0% from negative 18.2% in the year-earlier period.

Total revenue grew 35.8% year over year to 148.5 million rupees from 109.3 million rupees, and total operating expenses increased 11.9% from the prior-year period to 159.1 million rupees from 142.2 million rupees.

Reported net income came to a loss of 7.8 million rupees, or a loss of 26 paise per share, compared to a loss of 24.7 million rupees, or a loss of 85 paise per share, in the prior-year period.

As of July 30, US$1 was equivalent to 60.35 Indian rupees.