Reliable ventures India Ltd. said its normalized net income for the fiscal first quarter ended June 30 amounted to 15 Indian paise per share, a decrease of 20.3% from 19 paise per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 1.7 million rupees, a decrease of 19.8% from 2.1 million rupees in the prior-year period.

The normalized profit margin fell to 4.7% from 6.2% in the year-earlier period.

Total revenue increased 5.7% year over year to 35.9 million rupees from 34.0 million rupees, and total operating expenses increased 8.9% year over year to 34.1 million rupees from 31.3 million rupees.

Reported net income fell 23.4% on an annual basis to 1.8 million rupees, or 16 paise per share, from 2.4 million rupees, or 21 paise per share.

As of Aug. 12, US$1 was equivalent to 64.75 Indian rupees.