NTC industries Ltd. said its normalized net income for the fiscal second quarter ended Sept. 30 was 38 Indian paise per share, a decline of 21.1% from 48 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 4.0 million rupees, a decrease of 21.7% from 5.2 million rupees in the year-earlier period.

The normalized profit margin climbed to 10.5% from 7.8% in the year-earlier period.

Total revenue declined 42.2% on an annual basis to 38.4 million rupees from 66.4 million rupees, and total operating expenses decreased 54.5% from the prior-year period to 30.2 million rupees from 66.3 million rupees.

Reported net income declined 21.7% on an annual basis to 6.5 million rupees, or 60 paise per share, from 8.3 million rupees, or 76 paise per share.

As of Nov. 13, US$1 was equivalent to 66.19 Indian rupees.