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Padmanabh Industries swings to profit in fiscal Q1

Padmanabh Industries Ltd. said its normalized net income for the fiscal first quarter ended June 30 amounted to 630 rupees, compared with a loss of 16,250 rupees in the prior-year period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

Reported net income came to 1,000 rupees, compared with a loss of 26,000 rupees, or a loss of 1 paise per share, in the year-earlier period.

As of July 25, US$1 was equivalent to 60.01 Indian rupees.