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Grasim Industries profit misses consensus by 56.2% in fiscal Q2

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Grasim Industries profit misses consensus by 56.2% in fiscal Q2

Grasim Industries Ltd. said its normalized net income for the fiscal second quarter ended Sept. 30 amounted to 8.59 Indian rupees per share, compared with the S&P Capital IQ consensus estimate of 19.63 rupees per share.

EPS fell 44.1% year over year from 15.37 rupees.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 5.51 billion rupees, a decrease of 23.2% from 7.18 billion rupees in the year-earlier period.

The normalized profit margin declined to 4.0% from 8.7% in the year-earlier period.

Total revenue grew 64.5% year over year to 136.46 billion rupees from 82.93 billion rupees, and total operating expenses grew 60.8% from the prior-year period to 111.85 billion rupees from 69.56 billion rupees.

Reported net income decreased 38.0% from the prior-year period to 5.25 billion rupees, or 8.18 rupees per share, from 8.46 billion rupees, or 18.10 rupees per share.

As of Nov. 14, US$1 was equivalent to 65.45 Indian rupees.