Binny Mills Ltd said its normalized net income for the fiscal first quarter ended June 30 was 64 Indian paise per share, an increase from 5 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 2.0 million rupees, a gain from 168,300 rupees in the prior-year period.

The normalized profit margin rose to 11.3% from 0.9% in the year-earlier period.

Total revenue came to 18.2 million rupees, compared with 18.3 million rupees in the year-earlier period, and total operating expenses fell 17.3% on an annual basis to 14.9 million rupees from 18.0 million rupees.

Reported net income increased year over year to 2.3 million rupees, or 71 paise per share, from 184,320 rupees, or 6 paise per share.

As of July 31, US$1 was equivalent to 60.88 Indian rupees.