Atharv Enterprises Ltd said its normalized net income for the fiscal second quarter ended Sept. 30 was 472,960 rupees, a fall of 38.7% from 771,150 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 3.9% from 6.2% in the year-earlier period.

Total revenue declined year over year to 12.2 million rupees from 12.5 million rupees, and total operating expenses rose from the prior-year period to 11.4 million rupees from 11.2 million rupees.

Reported net income declined 45.7% from the prior-year period to 463,770 rupees, or 1 paise per share, from 853,830 rupees, or 1 paise per share.

As of Nov. 9, US$1 was equivalent to 66.41 Indian rupees.