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Bannari Amman Spinning Mills profit misses consensus by 55.7% in fiscal Q3

Bannari Amman Spinning Mills Ltd. said its normalized net income for the fiscal third quarter ended Dec. 31, 2015, was 1.84 Indian rupees per share, compared with the S&P Capital IQ consensus estimate of 4.15 rupees per share.

EPS rose 52.7% year over year from 1.20 rupees.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 29.0 million rupees, an increase of 53.0% from 18.9 million rupees in the prior-year period.

The normalized profit margin rose to 1.5% from 1.2% in the year-earlier period.

Total revenue climbed 15.6% year over year to 1.88 billion rupees from 1.63 billion rupees, and total operating expenses grew 16.1% from the prior-year period to 1.76 billion rupees from 1.51 billion rupees.

Reported net income grew 52.9% on an annual basis to 31.1 million rupees, or 1.97 rupees per share, from 20.3 million rupees, or 1.29 rupees per share.

As of Feb. 12, US$1 was equivalent to 68.19 Indian rupees.