T.T. Ltd said its normalized net income for the fiscal third quarter ended Dec. 31, 2015, was 97 Indian paise per share, a decrease of 43.8% from 1.73 rupees per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 20.9 million rupees, a decline of 43.9% from 37.4 million rupees in the year-earlier period.

The normalized profit margin declined to 1.3% from 2.1% in the year-earlier period.

Total revenue decreased 11.6% on an annual basis to 1.56 billion rupees from 1.76 billion rupees, and total operating expenses decreased 7.1% year over year to 1.49 billion rupees from 1.61 billion rupees.

Reported net income declined 43.5% on an annual basis to 23.9 million rupees, or 1.11 rupees per share, from 42.2 million rupees, or 1.96 rupees per share.

As of Feb. 5, US$1 was equivalent to 67.80 Indian rupees.