Neelamalai Agro Industries Ltd. said its normalized net income for the fiscal first quarter ended June 30 was 4.29 Indian rupees per share, a decrease of 12.9% from 4.92 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 2.7 million rupees, a decline of 12.9% from 3.1 million rupees in the prior-year period.

The normalized profit margin fell to 4.5% from 6.4% in the year-earlier period.

Total revenue increased 23.7% year over year to 59.4 million rupees from 48.0 million rupees, and total operating expenses climbed 22.7% from the prior-year period to 57.0 million rupees from 46.4 million rupees.

Reported net income decreased on an annual basis to 3.7 million rupees, or 5.90 rupees per share, from 3.8 million rupees, or 6.12 rupees per share.

As of July 22, US$1 was equivalent to 63.66 Indian rupees.