Amarjothi Spinning Mills Ltd said its normalized net income for the fiscal first quarter ended June 30 was 5.52 Indian rupees per share, a decline of 23.7% from 7.24 rupees per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 37.3 million rupees, a decline of 23.7% from 48.9 million rupees in the prior-year period.

The normalized profit margin dropped to 6.0% from 9.2% in the year-earlier period.

Total revenue grew 17.6% year over year to 626.1 million rupees from 532.4 million rupees, and total operating expenses climbed 24.4% year over year to 527.5 million rupees from 424.1 million rupees.

Reported net income declined 23.7% year over year to 47.7 million rupees, or 7.07 rupees per share, from 62.6 million rupees, or 9.27 rupees per share.

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