Mayur Leather Products Ltd. said its normalized net income for the fiscal third quarter ended Dec. 31, 2015, amounted to 13 Indian paise per share, a decrease from 13 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 637,500 rupees, compared with 640,630 rupees in the year-earlier period.

The normalized profit margin declined to 0.7% from 1.1% in the year-earlier period.

Total revenue grew 46.3% on an annual basis to 88.7 million rupees from 60.7 million rupees, and total operating expenses grew 49.1% from the prior-year period to 91.6 million rupees from 61.5 million rupees.

Reported net income fell 13.3% on an annual basis to 585,000 rupees, or 12 paise per share, from 675,000 rupees, or 14 paise per share.

As of Feb. 12, US$1 was equivalent to 68.19 Indian rupees.