Vishal Fabrics Ltd. said its normalized net income for the fiscal second half ended March 31 came to 1.96 Indian rupees per share, a decline of 26.9% from 2.67 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 41.6 million rupees, an increase from 12.0 million rupees in the year-earlier period.

Total revenue decreased 8.7% year over year to 1.18 billion rupees from 1.29 billion rupees, and total operating expenses declined 12.5% year over year to 1.09 billion rupees from 1.24 billion rupees.

Reported net income rose year over year to 61.5 million rupees, or 2.89 rupees per share, from 17.6 million rupees, or 3.93 rupees per share.

For the year, the company's normalized net income totaled 2.60 rupees per share, a fall of 42.5% from 4.53 rupees per share in the prior year.

Normalized net income was 62.0 million rupees, a rise from 20.3 million rupees in the prior year.

Full-year total revenue increased 9.6% year over year to 2.24 billion rupees from 2.04 billion rupees, and total operating expenses increased 7.1% on an annual basis to 2.08 billion rupees from 1.94 billion rupees.

The company said reported net income rose year over year to 93.4 million rupees, or 3.92 rupees per share, in the full year, from 28.9 million rupees, or 6.45 rupees per share.

As of Aug. 17, US$1 was equivalent to 65.43 Indian rupees.