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Nestle India profit misses consensus by 17.5% in Q2

Nestlé India Ltd. said its second-quarter normalized net income came to 22.10 Indian rupees per share, compared with the S&P Capital IQ consensus estimate of 26.79 rupees per share.

EPS declined 21.7% year over year from 28.23 rupees.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 2.13 billion rupees, a decrease of 21.7% from 2.72 billion rupees in the year-earlier period.

The normalized profit margin fell to 10.9% from 11.2% in the year-earlier period.

Total revenue declined 19.5% year over year to 19.57 billion rupees from 24.32 billion rupees, and total operating expenses declined 18.3% from the prior-year period to 16.46 billion rupees from 20.16 billion rupees.

Reported net income came to a loss of 644.0 million rupees, or a loss of 6.68 rupees per share, compared with income of 2.88 billion rupees, or 29.86 rupees per share, in the year-earlier period.

As of July 29, US$1 was equivalent to 63.84 Indian rupees.