Khaitan (India) Ltd. said its normalized net income for the fiscal second quarter ended Sept. 30 came to a loss of 2.36 Indian rupees per share, compared with a loss of 1.53 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 a loss of 11.2 million rupees, compared with a loss of 7.3 million rupees in the year-earlier period.

The normalized profit margin fell to negative 102.6% from negative 47.4% in the year-earlier period.

Total revenue declined 28.9% year over year to 10.9 million rupees from 15.3 million rupees, and total operating expenses rose 7.0% on an annual basis to 16.7 million rupees from 15.6 million rupees.

Reported net income totaled a loss of 17.9 million rupees, or a loss of 3.77 rupees per share, compared to a loss of 11.6 million rupees, or a loss of 2.45 rupees per share, in the prior-year period.

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