Banco Products (India) Ltd. said its normalized net income for the fiscal third quarter ended Dec. 31, 2014, was 1.34 Indian rupees per share, a decline of 43.1% from 2.36 rupees per share in the prior-year period.
Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 96.3 million rupees, a decrease of 43.0% from 168.9 million rupees in the year-earlier period.
The normalized profit margin declined to 4.0% from 6.5% in the year-earlier period.
Total revenue fell 7.7% on an annual basis to 2.40 billion rupees from 2.60 billion rupees, and total operating expenses declined from the prior-year period to 2.26 billion rupees from 2.33 billion rupees.
Reported net income decreased 48.6% on an annual basis to 116.9 million rupees, or 1.63 rupees per share, from 227.5 million rupees, or 3.18 rupees per share.
As of Feb. 13, US$1 was equivalent to 62.03 Indian rupees.
