Mihika Industries Ltd said its normalized net income for the fiscal second quarter ended Sept. 30 amounted to 11 Indian paise per share, a decrease of 39.1% from 18 paise per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 1.1 million rupees, a decrease of 39.8% from 1.8 million rupees in the year-earlier period.

The normalized profit margin dropped to 70.8% from 86.1% in the year-earlier period.

Total revenue declined 26.8% on an annual basis to 1.5 million rupees from 2.1 million rupees, and total operating expenses fell 21.8% on an annual basis to 3.3 million rupees from 4.2 million rupees.

Reported net income declined 40.7% on an annual basis to 1.2 million rupees, or 12 paise per share, from 2.0 million rupees, or 20 paise per share.

As of Nov. 13, US$1 was equivalent to 66.19 Indian rupees.