Mayur Leather Products Ltd. said its normalized net income for the fiscal second quarter ended Sept. 30 was 30 Indian paise per share, a gain of 6.1% from 28 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 1.4 million rupees, a gain from 1.4 million rupees in the prior-year period.

The normalized profit margin dropped to 1.8% from 2.4% in the year-earlier period.

Total revenue grew 41.6% year over year to 79.8 million rupees from 56.3 million rupees, and total operating expenses increased 40.2% year over year to 77.8 million rupees from 55.5 million rupees.

Reported net income rose 5.0% on an annual basis to 1.5 million rupees, or 32 paise per share, from 1.4 million rupees, or 30 paise per share.

As of Nov. 17, US$1 was equivalent to 65.98 Indian rupees.