V-Mart Retail Ltd. said its normalized net income for the fiscal second quarter ended Sept. 30 came to 45 Indian paise per share, a decrease of 77.0% from 1.95 rupees per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 8.2 million rupees, a decrease of 76.7% from 35.0 million rupees in the year-earlier period.

The normalized profit margin declined to 0.5% from 2.4% in the year-earlier period.

Total revenue grew 11.9% on an annual basis to 1.61 billion rupees from 1.44 billion rupees, and total operating expenses climbed 16.0% on an annual basis to 1.60 billion rupees from 1.38 billion rupees.

Reported net income declined 75.1% from the prior-year period to 9.5 million rupees, or 52 paise per share, from 38.0 million rupees, or 2.11 rupees per share.

As of Nov. 2, US$1 was equivalent to 65.58 Indian rupees.