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Raghuvir Synthetics swings to profit in fiscal Q1

Raghuvir Synthetics Ltd. said its normalized net income for the fiscal first quarter ended June 30 came to 35 Indian paise per share, compared with a loss of 17 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 1.4 million rupees, compared with a loss of 685,630 rupees in the year-earlier period.

The normalized profit margin increased to 1.5% from negative 0.9% in the year-earlier period.

Total revenue rose 19.9% on an annual basis to 90.9 million rupees from 75.8 million rupees, and total operating expenses rose 15.8% on an annual basis to 89.0 million rupees from 76.9 million rupees.

Reported net income totaled 1.7 million rupees, or 44 paise per share, compared to a loss of 1.1 million rupees, or a loss of 28 paise per share, in the year-earlier period.

As of Aug. 19, US$1 was equivalent to 60.69 Indian rupees.