Banaras Beads Ltd. said its normalized net income for the fiscal second quarter ended Sept. 30 amounted to 1.09 Indian rupees per share, a decrease of 13.5% from 1.26 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 7.2 million rupees, a decline of 13.7% from 8.4 million rupees in the year-earlier period.

The normalized profit margin declined to 10.3% from 11.1% in the year-earlier period.

Total revenue fell 7.3% year over year to 70.0 million rupees from 75.5 million rupees, and total operating expenses grew from the prior-year period to 60.2 million rupees from 59.3 million rupees.

Reported net income decreased 22.5% year over year to 8.1 million rupees, or 1.22 rupees per share, from 10.4 million rupees, or 1.57 rupees per share.

As of Oct. 30, US$1 was equivalent to 61.37 Indian rupees.