Vaibhav Global Ltd. said its normalized net income for the fiscal third quarter ended Dec. 31, 2015, was 2.86 Indian rupees per share, a decline of 64.7% from 8.10 rupees per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 92.7 million rupees, a decline of 64.8% from 263.2 million rupees in the year-earlier period.

The normalized profit margin declined to 2.6% from 6.7% in the year-earlier period.

Total revenue fell 10.2% on an annual basis to 3.54 billion rupees from 3.94 billion rupees, and total operating expenses decreased from the prior-year period to 3.37 billion rupees from 3.52 billion rupees.

Reported net income declined 70.1% on an annual basis to 116.1 million rupees, or 3.58 rupees per share, from 388.3 million rupees, or 11.95 rupees per share.

As of Jan. 25, US$1 was equivalent to 67.76 Indian rupees.