Bharat Seats Ltd said its normalized net income for the fiscal third quarter ended Dec. 31, 2015, was 27 Indian paise per share, a decrease of 54.0% from 59 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 8.4 million rupees, a decline of 54.3% from 18.3 million rupees in the prior-year period.

The normalized profit margin fell to 0.5% from 1.0% in the year-earlier period.

Total revenue declined on an annual basis to 1.72 billion rupees from 1.77 billion rupees, and total operating expenses declined from the prior-year period to 1.70 billion rupees from 1.73 billion rupees.

Reported net income declined 43.7% on an annual basis to 11.8 million rupees, or 38 paise per share, from 20.9 million rupees, or 67 paise per share.

As of Jan. 18, US$1 was equivalent to 67.68 Indian rupees.