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SAR Auto swings to profit in fiscal Q1

SAR Auto Products Ltd. said its normalized net income for the fiscal first quarter ended June 30 was 24 Indian paise per share, compared with a loss of 31 paise per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 1.1 million rupees, compared with a loss of 1.5 million rupees in the prior-year period.

The normalized profit margin increased to 15.2% from negative 44.5% in the year-earlier period.

Total revenue climbed on an annual basis to 7.6 million rupees from 3.3 million rupees, and total operating expenses rose 29.3% from the prior-year period to 7.3 million rupees from 5.6 million rupees.

Reported net income came to 1.8 million rupees, or 39 paise per share, compared to a loss of 2.3 million rupees, or a loss of 49 paise per share, in the prior-year period.

As of Aug. 6, US$1 was equivalent to 63.70 Indian rupees.