Kalyani Forge Ltd. said its normalized net income for the fiscal first quarter ended June 30 was 70 Indian paise per share, a decline of 90.1% from 7.09 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 2.6 million rupees, a decline of 90.1% from 25.8 million rupees in the prior-year period.

The normalized profit margin declined to 0.5% from 4.7% in the year-earlier period.

Total revenue totaled 553.1 million rupees, compared with 549.5 million rupees in the prior-year period, and total operating expenses rose 5.0% from the prior-year period to 539.4 million rupees from 513.5 million rupees.

Reported net income decreased 90.3% from the prior-year period to 2.7 million rupees, or 74 paise per share, from 27.7 million rupees, or 7.61 rupees per share.

As of Aug. 14, US$1 was equivalent to 60.85 Indian rupees.