Jagan Lamps Ltd. said its normalized net income for the fiscal second quarter ended Sept. 30 amounted to 18 Indian paise per share, a decrease of 78.8% from 83 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 1.2 million rupees, a decrease of 78.5% from 5.7 million rupees in the prior-year period.

The normalized profit margin declined to 3.4% from 11.4% in the year-earlier period.

Total revenue fell 27.3% year over year to 36.4 million rupees from 50.0 million rupees, and total operating expenses declined 15.9% on an annual basis to 34.3 million rupees from 40.8 million rupees.

Reported net income declined 72.1% from the prior-year period to 1.5 million rupees, or 21 paise per share, from 5.2 million rupees, or 76 paise per share.

As of Oct. 27, US$1 was equivalent to 65.03 Indian rupees.