Munjal Showa Ltd. said its normalized net income for the fiscal fourth quarter ended March 31 amounted to 2.62 Indian rupees per share, a decline of 35.0% from 4.03 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 104.6 million rupees, a decrease of 35.1% from 161.1 million rupees in the year-earlier period.

The normalized profit margin declined to 2.8% from 4.0% in the year-earlier period.

Total revenue fell 5.9% year over year to 3.75 billion rupees from 3.99 billion rupees, and total operating expenses fell from the prior-year period to 3.56 billion rupees from 3.72 billion rupees.

Reported net income decreased 35.4% on an annual basis to 139.1 million rupees, or 3.48 rupees per share, from 215.2 million rupees, or 5.38 rupees per share.

For the year, the company's normalized net income totaled 13.19 rupees per share, a decrease of 17.2% from 15.94 rupees per share in the prior year.

Normalized net income was 527.7 million rupees, a decrease of 17.2% from 637.5 million rupees in the prior year.

Full-year total revenue decreased 8.6% on an annual basis to 15.02 billion rupees from 16.43 billion rupees, and total operating expenses decreased 8.2% year over year to 14.19 billion rupees from 15.45 billion rupees.

The company said reported net income declined 19.1% on an annual basis to 611.5 million rupees, or 15.29 rupees per share, in the full year, from 756.3 million rupees, or 18.91 rupees per share.

As of July 27, US$1 was equivalent to 67.18 Indian rupees.