Valson Industries Ltd said its normalized net income for the fiscal first quarter ended June 30 was 44 Indian paise per share, a gain of 13.5% from 39 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 3.4 million rupees, an increase of 13.6% from 3.0 million rupees in the year-earlier period.

The normalized profit margin fell to 1.2% from 1.3% in the year-earlier period.

Total revenue rose 15.0% on an annual basis to 273.9 million rupees from 238.2 million rupees, and total operating expenses increased 15.9% on an annual basis to 265.0 million rupees from 228.8 million rupees.

Reported net income rose 18.7% from the prior-year period to 3.9 million rupees, or 51 paise per share, from 3.3 million rupees, or 43 paise per share.

As of Aug. 14, US$1 was equivalent to 60.85 Indian rupees.