Jaipan Industries Ltd. said its normalized net income for the fiscal third quarter ended Dec. 31, 2015, came to 4 Indian paise per share, a decrease of 22.2% from 6 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 263,130 rupees, a decline of 27.3% from 361,880 rupees in the year-earlier period.

The normalized profit margin rose to 0.6% from 0.5% in the year-earlier period.

Total revenue decreased 30.4% on an annual basis to 46.7 million rupees from 67.1 million rupees, and total operating expenses decreased 31.2% from the prior-year period to 44.4 million rupees from 64.5 million rupees.

Reported net income decreased 27.3% on an annual basis to 421,000 rupees, or 7 paise per share, from 579,000 rupees, or 9 paise per share.

As of Feb. 15, US$1 was equivalent to 68.14 Indian rupees.