Damodar Industries Ltd said its normalized net income for the fiscal fourth quarter ended March 31 amounted to 4.15 Indian rupees per share, a gain of 94.3% from 2.13 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 46.1 million rupees, an increase of 94.3% from 23.7 million rupees in the year-earlier period.

The normalized profit margin climbed to 3.0% from 1.2% in the year-earlier period.

Total revenue declined 20.4% on an annual basis to 1.52 billion rupees from 1.92 billion rupees, and total operating expenses decreased 21.6% year over year to 1.42 billion rupees from 1.81 billion rupees.

Reported net income increased year over year to 43.7 million rupees, or 3.93 rupees per share, from 21.5 million rupees, or 1.94 rupees per share.

For the year, the company's normalized net income totaled 10.15 rupees per share, a fall of 21.1% from 12.87 rupees per share in the prior year.

Normalized net income was 113.0 million rupees, a fall of 21.2% from 143.3 million rupees in the prior year.

Full-year total revenue decreased 19.3% from the prior-year period to 5.93 billion rupees from 7.35 billion rupees, and total operating expenses fell 19.3% year over year to 5.56 billion rupees from 6.89 billion rupees.

The company said reported net income fell 19.5% year over year to 119.0 million rupees, or 10.69 rupees per share, in the full year, from 147.8 million rupees, or 13.28 rupees per share.

As of May 27, US$1 was equivalent to 63.93 Indian rupees.