V-Mart Retail Ltd. said its normalized net income for the fiscal first quarter ended June 30 amounted to 5.96 Indian rupees per share, a gain of 26.2% from 4.72 rupees per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 107.4 million rupees, a gain of 26.7% from 84.8 million rupees in the year-earlier period.

The normalized profit margin rose to 5.3% from 5.1% in the year-earlier period.

Total revenue increased 24.0% year over year to 2.04 billion rupees from 1.65 billion rupees, and total operating expenses increased 23.8% on an annual basis to 1.87 billion rupees from 1.51 billion rupees.

Reported net income grew 23.9% from the prior-year period to 111.9 million rupees, or 6.21 rupees per share, from 90.3 million rupees, or 5.03 rupees per share.

As of July 30, US$1 was equivalent to 64.11 Indian rupees.