Munjal Showa Ltd said its normalized net income for the fiscal third quarter ended Dec. 31, 2015, came to 3.12 Indian rupees per share, a decrease of 17.6% from 3.79 rupees per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 124.6 million rupees, a decline of 17.7% from 151.3 million rupees in the year-earlier period.

The normalized profit margin dropped to 3.4% from 3.9% in the year-earlier period.

Total revenue declined 5.8% year over year to 3.67 billion rupees from 3.89 billion rupees, and total operating expenses decreased 5.1% on an annual basis to 3.48 billion rupees from 3.67 billion rupees.

Reported net income decreased 16.1% year over year to 144.6 million rupees, or 3.62 rupees per share, from 172.3 million rupees, or 4.31 rupees per share.

As of Feb. 5, US$1 was equivalent to 67.80 Indian rupees.