Tara Jewels Ltd. said its normalized net income for the fiscal second quarter ended Sept. 30 amounted to 2.81 Indian rupees per share, a decline of 22.2% from 3.61 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 69.1 million rupees, a decrease of 22.2% from 88.9 million rupees in the year-earlier period.

The normalized profit margin fell to 2.0% from 2.3% in the year-earlier period.

Total revenue fell 9.6% year over year to 3.48 billion rupees from 3.85 billion rupees, and total operating expenses declined 9.8% on an annual basis to 3.20 billion rupees from 3.55 billion rupees.

Reported net income declined 29.6% from the prior-year period to 74.4 million rupees, or 3.02 rupees per share, from 105.7 million rupees, or 4.29 rupees per share.

As of Nov. 11, US$1 was equivalent to 66.11 Indian rupees.