Arex Industries Ltd. said its normalized net income for the fiscal second quarter ended Sept. 30 amounted to 2.50 Indian rupees per share, an increase of 37.4% from 1.82 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 9.9 million rupees, a gain of 37.6% from 7.2 million rupees in the year-earlier period.

The normalized profit margin climbed to 12.5% from 8.3% in the year-earlier period.

Total revenue fell 8.5% year over year to 78.8 million rupees from 86.1 million rupees, and total operating expenses declined 13.4% from the prior-year period to 62.5 million rupees from 72.1 million rupees.

Reported net income increased from the prior-year period to 11.1 million rupees, or 2.80 rupees per share, from 5.0 million rupees, or 1.26 rupees per share.

As of Nov. 6, US$1 was equivalent to 66.11 Indian rupees.