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Asian Paints profit misses consensus by 19.3% in fiscal Q2

Asian Paints Ltd. said its normalized net income for the fiscal second quarter ended Sept. 30 amounted to 3.23 Indian rupees per share, compared with the S&P Capital IQ consensus estimate of 4.00 rupees per share.

EPS increased 6.7% year over year from 3.03 rupees.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 3.10 billion rupees, a gain of 6.8% from 2.90 billion rupees in the prior-year period.

The normalized profit margin fell to 8.6% from 9.4% in the year-earlier period.

Total revenue grew 16.3% on an annual basis to 35.87 billion rupees from 30.84 billion rupees, and total operating expenses rose 18.4% on an annual basis to 31.17 billion rupees from 26.34 billion rupees.

Reported net income increased 6.3% year over year to 3.47 billion rupees, or 3.62 rupees per share, from 3.27 billion rupees, or 3.41 rupees per share.

As of Oct. 22, US$1 was equivalent to 61.24 Indian rupees.