Maharashtra Scooters Ltd. said its normalized net income for the fiscal first quarter ended June 30 was 51 Indian paise per share, a decrease of 9.9% from 57 paise per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 5.9 million rupees, a decrease of 8.7% from 6.4 million rupees in the prior-year period.

The normalized profit margin fell to 43.2% from 78.5% in the year-earlier period.

Total revenue rose 65.9% year over year to 13.6 million rupees from 8.2 million rupees, and total operating expenses grew 46.0% on an annual basis to 32.7 million rupees from 22.4 million rupees.

Reported net income declined 8.7% on an annual basis to 9.4 million rupees, or 82 paise per share, from 10.3 million rupees, or 91 paise per share.

As of July 15, US$1 was equivalent to 60.19 Indian rupees.