Mihika Industries Ltd said its normalized net income for the fiscal first quarter ended June 30 was 3 Indian paise per share, a decline of 80.8% from 18 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 318,130 rupees, a decrease of 82.3% from 1.8 million rupees in the prior-year period.

The normalized profit margin fell to 13.3% from 53.4% in the year-earlier period.

Total revenue fell 28.6% year over year to 2.4 million rupees from 3.4 million rupees, and total operating expenses declined 9.0% from the prior-year period to 3.9 million rupees from 4.3 million rupees.

Reported net income fell 84.6% on an annual basis to 374,000 rupees, or 4 paise per share, from 2.4 million rupees, or 24 paise per share.

As of Aug. 13, US$1 was equivalent to 65.29 Indian rupees.