Bajaj Auto Ltd. said its normalized net income for the fiscal third quarter ended Dec. 31, 2016, came to 28.94 Indian rupees per share, compared with the S&P Capital IQ consensus estimate of 30.31 rupees per share.

EPS decreased year over year from 30.20 rupees.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 8.36 billion rupees, a decrease from 8.75 billion rupees in the prior-year period.

The normalized profit margin increased to 16.5% from 15.8% in the year-earlier period.

Total revenue fell 8.7% year over year to 50.67 billion rupees from 55.48 billion rupees, and total operating expenses fell 7.9% year over year to 41.00 billion rupees from 44.51 billion rupees.

Reported net income declined 5.3% from the prior-year period to 9.77 billion rupees, or 33.80 rupees per share, from 10.31 billion rupees, or 35.60 rupees per share.

As of Jan. 31, US$1 was equivalent to 67.48 Indian rupees.