Gitanjali Gems Ltd said its normalized net income for the fiscal first quarter ended June 30 was 1.48 Indian rupees per share, a decline of 42.2% from 2.55 rupees per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 138.8 million rupees, a decline of 41.5% from 237.3 million rupees in the prior-year period.

The normalized profit margin increased to 0.7% from 0.6% in the year-earlier period.

Total revenue decreased 47.1% year over year to 20.73 billion rupees from 39.19 billion rupees, and total operating expenses declined 51.0% year over year to 18.50 billion rupees from 37.78 billion rupees.

Reported net income decreased 71.1% year over year to 101.5 million rupees, or 1.08 rupees per share, from 351.3 million rupees, or 3.78 rupees per share.

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