Benares Hotels Ltd said its normalized net income for the fiscal first quarter ended June 30 was 7.27 Indian rupees per share, a decline of 16.3% from 8.68 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 9.4 million rupees, a decline of 16.2% from 11.3 million rupees in the prior-year period.

The normalized profit margin fell to 9.8% from 13.7% in the year-earlier period.

Total revenue grew 16.8% on an annual basis to 96.1 million rupees from 82.3 million rupees, and total operating expenses grew 23.3% on an annual basis to 83.4 million rupees from 67.6 million rupees.

Reported net income declined 16.4% year over year to 9.8 million rupees, or 7.54 rupees per share, from 11.7 million rupees, or 9.02 rupees per share.

As of July 23, US$1 was equivalent to 63.86 Indian rupees.