Vippy Spinpro Ltd. said its normalized net income for the fiscal first quarter ended June 30 amounted to 43 Indian paise per share, a decline of 48.8% from 83 paise per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 2.5 million rupees, a decrease of 48.5% from 4.9 million rupees in the prior-year period.

The normalized profit margin declined to 0.9% from 2.2% in the year-earlier period.

Total revenue rose 17.3% year over year to 266.3 million rupees from 227.1 million rupees, and total operating expenses rose 20.4% year over year to 258.8 million rupees from 215.0 million rupees.

Reported net income declined 53.5% from the prior-year period to 3.0 million rupees, or 50 paise per share, from 6.4 million rupees, or 1.08 rupees per share.

As of Aug. 14, US$1 was equivalent to 60.85 Indian rupees.