Jagan Lamps Ltd. said its normalized net income for the fiscal first quarter ended June 30 amounted to 975,000 rupees, a fall of 17.2% from 1.2 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 declined to 3.1% from 3.6% in the year-earlier period.

Total revenue declined on an annual basis to 31.6 million rupees from 32.8 million rupees, and total operating expenses declined year over year to 29.8 million rupees from 30.9 million rupees.

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

As of Sept. 9, US$1 was equivalent to 66.53 Indian rupees.