H S India Ltd said its normalized net income for the fiscal first quarter ended June 30 came to 15 Indian paise per share, a decline of 42.2% from 25 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 2.3 million rupees, a decrease of 44.4% from 4.1 million rupees in the year-earlier period.

The normalized profit margin declined to 4.7% from 8.1% in the year-earlier period.

Total revenue decreased on an annual basis to 48.8 million rupees from 51.2 million rupees, and total operating expenses decreased 5.0% on an annual basis to 40.3 million rupees from 42.4 million rupees.

Reported net income decreased 45.5% from the prior-year period to 2.7 million rupees, or 17 paise per share, from 4.9 million rupees, or 30 paise per share.

As of Aug. 14, US$1 was equivalent to 60.85 Indian rupees.