Maris Spinners Ltd. said its normalized net income for the fiscal first quarter ended June 30 amounted to 14.7 million rupees, a decline of 16.7% from 17.6 million rupees in the year-earlier period.

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

The normalized profit margin fell to 4.8% from 6.3% in the year-earlier period.

Total revenue grew 8.4% year over year to 302.6 million rupees from 279.2 million rupees, and total operating expenses grew 13.2% year over year to 262.3 million rupees from 231.8 million rupees.

Reported net income came to 19.8 million rupees, compared with 28.2 million rupees in the prior-year period.

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