Piramal Phytocare Ltd. said its normalized net income for the fiscal first quarter ended June 30 was a loss of 25 Indian paise per share, compared with a loss of 19 paise per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 7.2 million rupees, compared with a loss of 5.6 million rupees in the prior-year period.

The normalized profit margin dropped to negative 94.6% from negative 53.1% in the year-earlier period.

Total revenue decreased 28.3% on an annual basis to 7.6 million rupees from 10.6 million rupees, and total operating expenses declined from the prior-year period to 19.6 million rupees from 20.5 million rupees.

Reported net income came to a loss of 11.5 million rupees, or a loss of 40 paise per share, compared to a loss of 9.0 million rupees, or a loss of 30 paise per share, in the prior-year period.

As of Aug. 12, US$1 was equivalent to 64.75 Indian rupees.