Goodricke Group Ltd. said its normalized net income for the first quarter was a loss of 15.53 Indian rupees per share, compared with a loss of 10.56 rupees per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 335.4 million rupees, compared with a loss of 228.1 million rupees in the year-earlier period.

The normalized profit margin dropped to negative 39.5% from negative 23.8% in the year-earlier period.

Total revenue decreased 11.6% year over year to 848.2 million rupees from 960.0 million rupees, and total operating expenses grew 5.4% year over year to 1.40 billion rupees from 1.32 billion rupees.

Reported net income came to a loss of 239.1 million rupees, or a loss of 11.07 rupees per share, compared to a loss of 365.0 million rupees, or a loss of 16.90 rupees per share, in the year-earlier period.

As of May 18, US$1 was equivalent to 63.68 Indian rupees.