Grob Tea Co. Ltd. said its normalized net income for the fiscal first quarter ended June 30 was 3.34 Indian rupees per share, a decrease of 52.6% from 7.04 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 3.9 million rupees, a decline of 52.7% from 8.2 million rupees in the year-earlier period.

The normalized profit margin declined to 4.0% from 12.1% in the year-earlier period.

Total revenue increased 43.4% year over year to 97.0 million rupees from 67.7 million rupees, and total operating expenses increased 55.3% year over year to 87.9 million rupees from 56.6 million rupees.

Reported net income decreased 52.7% from the prior-year period to 6.2 million rupees, or 5.34 rupees per share, from 13.1 million rupees, or 11.27 rupees per share.

As of Aug. 12, US$1 was equivalent to 64.75 Indian rupees.