Madhusudan Industries Ltd. said its normalized net income for the fiscal second quarter ended Sept. 30 was 3 Indian paise per share, a decrease of 84.2% from 20 paise per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 160,000 rupees, a decline of 84.7% from 1.0 million rupees in the year-earlier period.

The normalized profit margin dropped to 800.0% from 2,379.3% in the year-earlier period.

Total revenue came to 20,000 rupees, and total operating expenses came to 735,000 rupees.

Reported net income rose year over year to 256,000 rupees, or 5 paise per share, from 75,000 rupees, or 1 paise per share.

As of Oct. 29, US$1 was equivalent to 61.20 Indian rupees.