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Asian Paints profit misses consensus by 19.7% in fiscal Q2

Asian Paints Ltd. said its normalized net income for the fiscal second quarter ended Sept. 30 came to 3.74 Indian rupees per share, compared with the S&P Capital IQ consensus estimate of 4.65 rupees per share.

EPS rose 15.6% year over year from 3.23 rupees.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 3.58 billion rupees, an increase of 15.6% from 3.10 billion rupees in the year-earlier period.

The normalized profit margin increased to 9.6% from 8.6% in the year-earlier period.

Total revenue rose on an annual basis to 37.31 billion rupees from 35.87 billion rupees, and total operating expenses rose on an annual basis to 31.81 billion rupees from 31.17 billion rupees.

Reported net income grew 14.9% year over year to 3.99 billion rupees, or 4.16 rupees per share, from 3.47 billion rupees, or 3.62 rupees per share.

As of Oct. 23, US$1 was equivalent to 64.89 Indian rupees.