ZF Steering Gear (India) Ltd said its normalized net income for the fiscal first quarter ended June 30 came to 8.32 Indian rupees per share, a decline of 29.9% from 11.87 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 75.4 million rupees, a decline of 30.0% from 107.7 million rupees in the year-earlier period.

The normalized profit margin fell to 9.2% from 12.7% in the year-earlier period.

Total revenue declined on an annual basis to 823.6 million rupees from 845.1 million rupees, and total operating expenses increased year over year to 710.9 million rupees from 699.7 million rupees.

Reported net income declined 23.5% year over year to 94.4 million rupees, or 10.41 rupees per share, from 123.5 million rupees, or 13.61 rupees per share.

As of July 30, US$1 was equivalent to 60.35 Indian rupees.