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Asian Paints profit misses consensus by 19.9% in fiscal Q4

Asian Paints Ltd. said its normalized net income for the fiscal fourth quarter ended March 31 was 3.90 Indian rupees per share, compared with the S&P Capital IQ consensus estimate of 4.87 rupees per share.

EPS increased year over year from 3.73 rupees.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 3.74 billion rupees, an increase from 3.58 billion rupees in the prior-year period.

The normalized profit margin declined to 9.5% from 13.2% in the year-earlier period.

Total revenue grew 45.3% on an annual basis to 39.41 billion rupees from 27.13 billion rupees, and total operating expenses increased 56.7% year over year to 33.10 billion rupees from 21.12 billion rupees.

Reported net income grew 8.1% on an annual basis to 4.62 billion rupees, or 4.82 rupees per share, from 4.28 billion rupees, or 4.46 rupees per share.

For the year, the company's normalized net income totaled 18.04 rupees per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 20.42 rupees.

EPS rose from 16.56 rupees in the prior year.

Normalized net income was 17.30 billion rupees, a gain from 15.89 billion rupees in the prior year.

Full-year total revenue grew on an annual basis to 151.40 billion rupees from 141.24 billion rupees, and total operating expenses rose year over year to 124.55 billion rupees from 116.31 billion rupees.

The company said reported net income rose on an annual basis to 19.39 billion rupees, or 20.22 rupees per share, in the full year, from 17.45 billion rupees, or 18.19 rupees per share.

As of May 11, US$1 was equivalent to 64.41 Indian rupees.