Jagan Lamps Ltd. said its normalized net income for the fiscal first quarter ended June 30 came to 1.2 million rupees, a fall of 34.3% from 1.8 million rupees in the prior-year period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin dropped to 3.6% from 4.2% in the year-earlier period.

Total revenue fell 22.3% on an annual basis to 32.8 million rupees from 42.2 million rupees, and total operating expenses decreased 21.5% year over year to 30.9 million rupees from 39.3 million rupees.

Reported net income totaled 1.3 million rupees, compared with 1.4 million rupees in the year-earlier period.

As of July 31, US$1 was equivalent to 60.88 Indian rupees.