Shree Rang Mark Travels Ltd said its normalized net income for the fiscal third quarter ended Dec. 31, 2015, was 38,680 rupees, a fall of 45.5% from 70,980 rupees in the year-earlier period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin dropped to 1.4% from 2.5% in the year-earlier period.

Total revenue fell year over year to 2.8 million rupees from 2.8 million rupees, and total operating expenses came to 2.7 million rupees, compared with 2.8 million rupees in the year-earlier period.

Reported net income declined 45.5% year over year to 61,890 rupees, or 1 paisa per share, from 113,570 rupees, or 4 paise per share.

As of Feb. 16, US$1 was equivalent to 68.46 Indian rupees.