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Menon Bearings profit misses consensus by 20.5% in fiscal Q3

Menon Bearings Ltd. said its normalized net income for the fiscal third quarter ended Dec. 31, 2014, came to 44 Indian paise per share, compared with the S&P Capital IQ consensus estimate of 56 paise per share.

EPS rose 69.0% year over year from 26 paise.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 24.7 million rupees, a gain of 69.2% from 14.6 million rupees in the year-earlier period.

The normalized profit margin climbed to 9.9% from 7.4% in the year-earlier period.

Total revenue climbed 26.1% on an annual basis to 248.7 million rupees from 197.2 million rupees, and total operating expenses grew 21.4% on an annual basis to 206.7 million rupees from 170.2 million rupees.

Reported net income rose 69.4% from the prior-year period to 26.7 million rupees, or 48 paise per share, from 15.7 million rupees, or 28 paise per share.

As of Jan. 21, US$1 was equivalent to 61.50 Indian rupees.