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Heritage Foods profit misses consensus by 62.7% in fiscal Q1


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Heritage Foods profit misses consensus by 62.7% in fiscal Q1

Heritage Foods Ltd. said its normalized net income for the fiscal first quarter ended June 30 was 89 Indian paise per share, compared with the S&P Capital IQ consensus estimate of 2.38 rupees per share.

EPS declined 67.2% year over year from 2.72 rupees.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 41.4 million rupees, a decline of 67.2% from 125.9 million rupees in the year-earlier period.

The normalized profit margin declined to 0.8% from 2.9% in the year-earlier period.

Total revenue increased 16.2% on an annual basis to 4.97 billion rupees from 4.27 billion rupees, and total operating expenses grew 20.4% year over year to 4.87 billion rupees from 4.05 billion rupees.

Reported net income fell 64.8% from the prior-year period to 53.0 million rupees, or 1.14 rupees per share, from 150.5 million rupees, or 3.25 rupees per share.

As of July 30, US$1 was equivalent to 60.35 Indian rupees.