IFB Industries Ltd said its normalized net income for the fiscal third quarter ended Dec. 31, 2015, came to 87 Indian paise per share, a decrease of 70.6% from 2.94 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 35.1 million rupees, a decline of 70.6% from 119.2 million rupees in the year-earlier period.

The normalized profit margin dropped to 0.9% from 3.7% in the year-earlier period.

Total revenue rose 25.3% year over year to 4.07 billion rupees from 3.25 billion rupees, and total operating expenses increased 28.1% year over year to 4.07 billion rupees from 3.18 billion rupees.

Reported net income declined 58.9% year over year to 64.9 million rupees, or 1.60 rupees per share, from 157.8 million rupees, or 3.90 rupees per share.

As of Jan. 29, US$1 was equivalent to 67.85 Indian rupees.