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Marico profit misses consensus by 19.4% in fiscal Q4

Marico Ltd. said its normalized net income for the fiscal fourth quarter ended March 31 was 70 Indian paise per share, compared with the S&P Capital IQ consensus estimate of 87 paise per share.

EPS climbed 9.4% year over year from 64 paise.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 912.3 million rupees, an increase of 10.0% from 829.0 million rupees in the year-earlier period.

The normalized profit margin fell to 7.4% from 7.7% in the year-earlier period.

Total revenue increased 14.4% on an annual basis to 12.36 billion rupees from 10.80 billion rupees, and total operating expenses grew 14.7% on an annual basis to 10.73 billion rupees from 9.35 billion rupees.

Reported net income increased 23.8% year over year to 1.10 billion rupees, or 85 paise per share, from 890.8 million rupees, or 69 paise per share.

For the year, the company's normalized net income totaled 3.81 rupees per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 4.50 rupees.

EPS rose 18.7% from 3.21 rupees in the prior year.

Normalized net income was 4.92 billion rupees, an increase of 18.8% from 4.14 billion rupees in the prior year.

Full-year total revenue grew 22.3% year over year to 57.33 billion rupees from 46.87 billion rupees, and total operating expenses rose 23.3% year over year to 49.36 billion rupees from 40.03 billion rupees.

The company said reported net income increased 18.1% on an annual basis to 5.74 billion rupees, or 4.45 rupees per share, in the full year, from 4.86 billion rupees, or 3.76 rupees per share.

As of July 10, US$1 was equivalent to 63.32 Indian rupees.