Butterfly Gandhimathi Appliances Ltd. said its normalized net income for the fiscal first quarter ended June 30 amounted to 9 Indian paise per share, compared with the S&P Capital IQ consensus estimate of 2.84 rupees per share.

EPS decreased 97.9% year over year from 4.58 rupees.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 1.7 million rupees, a decrease of 98.0% from 81.9 million rupees in the prior-year period.

The normalized profit margin declined to 0.2% from 3.9% in the year-earlier period.

Total revenue declined 48.7% on an annual basis to 1.07 billion rupees from 2.09 billion rupees, and total operating expenses decreased 47.9% from the prior-year period to 1.00 billion rupees from 1.93 billion rupees.

Reported net income fell 98.0% from the prior-year period to 1.7 million rupees, or 10 paise per share, from 88.5 million rupees, or 4.95 rupees per share.

As of Aug. 14, US$1 was equivalent to 60.85 Indian rupees.