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Grasim Industries profit misses consensus by 63.5% in fiscal Q4

Grasim Industries Ltd. said its normalized net income for the fiscal fourth quarter ended March 31 was 6.20 Indian rupees per share, compared with the S&P Capital IQ consensus estimate of 16.99 rupees per share.

EPS decreased 18.9% year over year from 7.65 rupees.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 2.90 billion rupees, a decrease of 18.9% from 3.57 billion rupees in the year-earlier period.

The normalized profit margin dropped to 2.8% from 4.6% in the year-earlier period.

Total revenue climbed 30.9% year over year to 102.81 billion rupees from 78.52 billion rupees, and total operating expenses grew 35.0% on an annual basis to 88.14 billion rupees from 65.28 billion rupees.

Reported net income decreased 5.3% from the prior-year period to 7.63 billion rupees, or 16.32 rupees per share, from 8.05 billion rupees, or 17.24 rupees per share.

For the year, the company's normalized net income totaled 49.20 rupees per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 68.48 rupees.

EPS rose from 36.07 rupees in the prior year.

Normalized net income was 22.99 billion rupees, a gain from 16.85 billion rupees in the prior year.

Full-year total revenue grew year over year to 360.68 billion rupees from 344.87 billion rupees, and total operating expenses rose year over year to 304.25 billion rupees from 298.55 billion rupees.

The company said reported net income grew on an annual basis to 31.67 billion rupees, or 67.77 rupees per share, in the full year, from 24.68 billion rupees, or 52.84 rupees per share.

As of Aug. 29, US$1 was equivalent to 63.96 Indian rupees.