Benares Hotels Ltd said its normalized net income for the fiscal second quarter ended Sept. 30 came to 2.23 Indian rupees per share, a decrease of 50.7% from 4.52 rupees per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 2.9 million rupees, a decrease of 50.7% from 5.9 million rupees in the year-earlier period.

The normalized profit margin declined to 3.4% from 7.5% in the year-earlier period.

Total revenue grew 9.3% year over year to 86.0 million rupees from 78.7 million rupees, and total operating expenses increased 16.4% from the prior-year period to 83.8 million rupees from 72.0 million rupees.

Reported net income declined 53.2% on an annual basis to 2.1 million rupees, or 1.64 rupees per share, from 4.6 million rupees, or 3.50 rupees per share.

As of Nov. 4, US$1 was equivalent to 65.45 Indian rupees.