Banaras Beads Ltd. said its normalized net income for the fiscal third quarter ended Dec. 31, 2015, amounted to 45 Indian paise per share, a decline of 42.1% from 78 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 3.0 million rupees, a decline of 41.9% from 5.2 million rupees in the prior-year period.

The normalized profit margin declined to 5.0% from 10.1% in the year-earlier period.

Total revenue rose 17.3% year over year to 59.8 million rupees from 51.0 million rupees, and total operating expenses climbed 35.6% year over year to 59.7 million rupees from 44.0 million rupees.

Reported net income rose from the prior-year period to 45.0 million rupees, or 6.78 rupees per share, from 6.3 million rupees, or 95 paise per share.

As of Jan. 25, US$1 was equivalent to 67.76 Indian rupees.