Transchem Ltd. said its normalized net income for the fiscal first quarter ended June 30 was 12,500 rupees, compared with income of 183,750 rupees in the prior-year period.

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

Reported net income came to a loss of 20,000 rupees, compared with income of 294,000 rupees, or 2 paise per share, in the year-earlier period.

As of Aug. 14, US$1 was equivalent to 65.08 Indian rupees.