Tata Motors Ltd. said its normalized net income for the fiscal first quarter ended June 30 amounted to 15.36 billion rupees, a decrease of 44.7% from 27.76 billion rupees in the prior-year period.

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

The normalized profit margin declined to 2.4% from 4.5% in the year-earlier period.

Total revenue increased 6.4% on an annual basis to 649.40 billion rupees from 610.20 billion rupees, and total operating expenses increased 11.0% from the prior-year period to 618.78 billion rupees from 557.34 billion rupees.

Reported net income came to 22.36 billion rupees, compared with 27.69 billion rupees in the prior-year period.

As of Aug. 26, US$1 was equivalent to 66.88 Indian rupees.