Natraj Proteins Ltd. said its normalized net income for the fiscal first quarter ended June 30 amounted to 27 Indian paise per share, a decline of 84.7% from 1.78 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 1.0 million rupees, a decline of 84.9% from 6.7 million rupees in the year-earlier period.

The normalized profit margin dropped to 0.2% from 0.9% in the year-earlier period.

Total revenue decreased 40.1% on an annual basis to 435.6 million rupees from 727.2 million rupees, and total operating expenses declined 39.5% year over year to 424.7 million rupees from 701.4 million rupees.

Reported net income fell 86.4% on an annual basis to 1.1 million rupees, or 30 paise per share, from 8.2 million rupees, or 2.18 rupees per share.

As of Aug. 13, US$1 was equivalent to 65.29 Indian rupees.