Bharat Gears Ltd. said its normalized net income for the fiscal fourth quarter ended March 31 amounted to 74 Indian paise per share, compared with a loss of 1.11 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 5.8 million rupees, compared with a loss of 8.7 million rupees in the year-earlier period.

The normalized profit margin rose to 0.6% from negative 0.7% in the year-earlier period.

Total revenue decreased 16.0% on an annual basis to 996.0 million rupees from 1.19 billion rupees, and total operating expenses fell 17.5% from the prior-year period to 952.3 million rupees from 1.15 billion rupees.

Reported net income fell 66.4% from the prior-year period to 10.7 million rupees, or 1.37 rupees per share, from 31.8 million rupees, or 4.08 rupees per share.

For the year, the company's normalized net income totaled 35 paise per share, compared with a loss of 5.43 rupees per share in the prior year.

Normalized net income was 2.7 million rupees, compared with a loss of 42.5 million rupees in the prior year.

Full-year total revenue fell year over year to 3.97 billion rupees from 4.15 billion rupees, and total operating expenses fell 5.8% year over year to 3.83 billion rupees from 4.07 billion rupees.

The company said reported net income totaled 2.4 million rupees, or 31 paise per share, in the full year, compared with a loss of 42.1 million rupees, or a loss of 5.38 rupees per share, the prior year.

As of July 7, US$1 was equivalent to 67.45 Indian rupees.