Banaras Beads Ltd. said its normalized net income for the fiscal first quarter ended June 30 came to 68 Indian paise per share, a decrease of 7.9% from 74 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 4.5 million rupees, a decline of 8.2% from 4.9 million rupees in the year-earlier period.

The normalized profit margin fell to 7.4% from 8.5% in the year-earlier period.

Total revenue increased 6.0% on an annual basis to 61.5 million rupees from 58.0 million rupees, and total operating expenses rose 5.6% on an annual basis to 57.1 million rupees from 54.1 million rupees.

Reported net income fell 17.9% from the prior-year period to 5.2 million rupees, or 79 paise per share, from 6.4 million rupees, or 96 paise per share.

As of July 30, US$1 was equivalent to 64.11 Indian rupees.