Sangam (India) Ltd. said its normalized net income for the fiscal third quarter ended Dec. 31, 2015, came to 3.62 Indian rupees per share, compared with the S&P Capital IQ consensus estimate of 5.19 rupees per share.

EPS climbed 37.8% year over year from 2.63 rupees.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 143.1 million rupees, an increase of 37.8% from 103.8 million rupees in the year-earlier period.

The normalized profit margin rose to 4.0% from 2.8% in the year-earlier period.

Total revenue decreased year over year to 3.55 billion rupees from 3.67 billion rupees, and total operating expenses declined from the prior-year period to 3.18 billion rupees from 3.34 billion rupees.

Reported net income grew 12.9% on an annual basis to 155.5 million rupees, or 3.94 rupees per share, from 137.7 million rupees, or 3.49 rupees per share.

As of Feb. 12, US$1 was equivalent to 68.19 Indian rupees.