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Asian Paints profit misses consensus by 28.2% in fiscal Q1

Asian Paints Ltd. said its normalized net income for the fiscal first quarter ended June 30 came to 4.13 Indian rupees per share, compared with the S&P Capital IQ consensus estimate of 5.75 rupees per share.

EPS decreased 19.3% year over year from 5.12 rupees.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 3.96 billion rupees, a decrease of 19.4% from 4.91 billion rupees in the prior-year period.

The normalized profit margin fell to 10.4% from 13.7% in the year-earlier period.

Total revenue rose 6.3% on an annual basis to 38.15 billion rupees from 35.90 billion rupees, and total operating expenses rose 13.5% from the prior-year period to 32.40 billion rupees from 28.55 billion rupees.

Reported net income fell 20.6% year over year to 4.25 billion rupees, or 4.43 rupees per share, from 5.35 billion rupees, or 5.58 rupees per share.

As of July 25, US$1 was equivalent to 64.39 Indian rupees.