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Asian Paints fiscal Q3 profit falls YOY

Asian Paints Ltd. said its normalized net income for the fiscal third quarter ended Dec. 31, 2016, came to 4.55 Indian rupees per share, compared with the S&P Capital IQ consensus estimate of 5.13 rupees per share.

EPS decreased 5.3% year over year from 4.81 rupees.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 4.37 billion rupees, a decrease of 5.2% from 4.61 billion rupees in the prior-year period.

The normalized profit margin declined to 11.2% from 11.2% in the year-earlier period.

Total revenue fell 5.2% on an annual basis to 38.89 billion rupees from 41.03 billion rupees, and total operating expenses fell 5.2% year over year to 31.98 billion rupees from 33.75 billion rupees.

Reported net income totaled 4.66 billion rupees, or 4.86 rupees per share, compared with 4.63 billion rupees, or 4.83 rupees per share, in the prior-year period.

As of Jan. 23, US$1 was equivalent to 68.14 Indian rupees.