Hipolin Ltd said its normalized net income for the fiscal third quarter ended Dec. 31, 2015, was a loss of 2.8 million rupees, compared with a loss of 145,000 rupees in the year-earlier period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin declined to negative 7.8% from negative 0.3% in the year-earlier period.

Total revenue decreased 22.0% year over year to 36.3 million rupees from 46.6 million rupees, and total operating expenses fell 14.7% on an annual basis to 40.7 million rupees from 47.7 million rupees.

Reported net income totaled a loss of 4.5 million rupees, or a loss of 1.45 rupees per share, compared to a loss of 232,000 rupees in the year-earlier period.

As of Feb. 11, US$1 was equivalent to 68.37 Indian rupees.