Grandma Trading & Agencies Ltd. said its normalized net income for the fiscal first quarter ended June 30 was 607,500 rupees, a decline of 56.9% from 1.4 million rupees in the prior-year period.

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

Reported net income declined 57.4% from the prior-year period to 961,000 rupees, or 1 paise per share, from 2.3 million rupees, or 2 paise per share.

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