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Raymond Ltd. profit beats consensus by 24.3% in fiscal Q2

Raymond Ltd. said its normalized net income for the fiscal second quarter ended Sept. 30 came to 8.30 Indian rupees per share, compared with the S&P Capital IQ consensus estimate of 6.68 rupees per share.

EPS fell 26.6% year over year from 11.31 rupees.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 509.4 million rupees, a decline of 26.6% from 694.5 million rupees in the year-earlier period.

The normalized profit margin fell to 3.5% from 5.7% in the year-earlier period.

Total revenue grew 18.8% year over year to 14.54 billion rupees from 12.24 billion rupees, and total operating expenses grew 22.1% year over year to 13.21 billion rupees from 10.82 billion rupees.

Reported net income fell 26.2% from the prior-year period to 681.2 million rupees, or 11.10 rupees per share, from 922.8 million rupees, or 15.03 rupees per share.

As of Oct. 29, US$1 was equivalent to 61.20 Indian rupees.