Rane (Madras) Ltd. said its normalized net income for the fiscal first quarter ended June 30 was 2.64 Indian rupees per share, a decline of 7.2% from 2.85 rupees per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 31.0 million rupees, a decline from 31.4 million rupees in the year-earlier period.

The normalized profit margin dropped to 1.6% from 1.8% in the year-earlier period.

Total revenue grew 15.6% year over year to 1.98 billion rupees from 1.71 billion rupees, and total operating expenses increased 16.2% year over year to 1.89 billion rupees from 1.63 billion rupees.

Reported net income decreased 54.3% on an annual basis to 16.5 million rupees, or 1.41 rupees per share, from 36.1 million rupees, or 3.28 rupees per share.

As of July 31, US$1 was equivalent to 63.88 Indian rupees.