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Sangam (India) profit misses consensus by 18.5% in fiscal Q3

Sangam (India) Ltd said its normalized net income for the fiscal third quarter ended Dec. 31, 2014, came to 2.63 Indian rupees per share, compared with the S&P Capital IQ consensus estimate of 3.23 rupees per share.

EPS declined year over year from 2.67 rupees.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 103.8 million rupees, a decline from 105.4 million rupees in the year-earlier period.

The normalized profit margin dropped to 2.8% from 3.0% in the year-earlier period.

Total revenue rose 5.1% on an annual basis to 3.67 billion rupees from 3.50 billion rupees, and total operating expenses climbed from the prior-year period to 3.34 billion rupees from 3.20 billion rupees.

Reported net income grew 13.3% on an annual basis to 137.7 million rupees, or 3.49 rupees per share, from 121.5 million rupees, or 3.08 rupees per share.

As of Feb. 6, US$1 was equivalent to 61.94 Indian rupees.