Naturite Agro Products Ltd. said its normalized net income for the fiscal first quarter ended June 30 was 230,100 rupees, a decline of 38.2% from 372,460 rupees in the year-earlier period.

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

The normalized profit margin declined to 2.1% from 5.3% in the year-earlier period.

Total revenue rose 58.2% on an annual basis to 11.0 million rupees from 7.0 million rupees, and total operating expenses grew 67.3% on an annual basis to 10.7 million rupees from 6.4 million rupees.

Reported net income decreased 33.9% on an annual basis to 368,160 rupees, or 7 paise per share, from 556,610 rupees.

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