Sangam (India) Ltd. said its normalized net income for the fiscal first quarter ended June 30 amounted to 4.13 Indian rupees per share, compared with the S&P Capital IQ consensus estimate of 4.05 rupees per share.

EPS climbed 54.8% year over year from 2.67 rupees.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 162.9 million rupees, a gain of 55.1% from 105.1 million rupees in the year-earlier period.

The normalized profit margin climbed to 4.5% from 2.8% in the year-earlier period.

Total revenue declined year over year to 3.65 billion rupees from 3.73 billion rupees, and total operating expenses declined 5.1% on an annual basis to 3.23 billion rupees from 3.41 billion rupees.

Reported net income grew 51.7% from the prior-year period to 172.0 million rupees, or 4.36 rupees per share, from 113.4 million rupees, or 2.88 rupees per share.

As of Aug. 4, US$1 was equivalent to 63.75 Indian rupees.