SRS Ltd. said its normalized net income for the fiscal fourth quarter ended March 31 amounted to 19 Indian paise per share, a decline of 63.7% from 53 paise per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 53.6 million rupees, a decrease of 63.8% from 147.9 million rupees in the year-earlier period.

The normalized profit margin declined to 0.5% from 1.4% in the year-earlier period.

Total revenue increased on an annual basis to 10.68 billion rupees from 10.28 billion rupees, and total operating expenses climbed from the prior-year period to 10.36 billion rupees from 9.90 billion rupees.

Reported net income decreased 83.1% on an annual basis to 37.6 million rupees, or 13 paise per share, from 221.8 million rupees, or 80 paise per share.

For the year, the company's normalized net income totaled 1.16 rupees per share, compared with 1.16 rupees per share in the prior year.

Normalized net income was 323.1 million rupees, compared with 324.5 million rupees in the prior year.

Full-year total revenue grew 13.1% from the prior-year period to 38.91 billion rupees from 34.39 billion rupees, and total operating expenses rose 12.9% year over year to 37.74 billion rupees from 33.42 billion rupees.

The company said reported net income declined year over year to 413.7 million rupees, or 1.48 rupees per share, in the full year, from 427.6 million rupees, or 1.53 rupees per share.

As of Aug. 10, US$1 was equivalent to 63.80 Indian rupees.