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Nestle India profit misses consensus by 56.8% in Q3

Nestlé India Ltd. said its third-quarter normalized net income came to 12.73 Indian rupees per share, compared with the S&P Capital IQ consensus estimate of 29.44 rupees per share.

EPS fell 58.9% year over year from 30.98 rupees.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 1.23 billion rupees, a decline of 58.9% from 2.99 billion rupees in the prior-year period.

The normalized profit margin declined to 7.0% from 11.6% in the year-earlier period.

Total revenue decreased 32.2% on an annual basis to 17.42 billion rupees from 25.70 billion rupees, and total operating expenses decreased 25.4% on an annual basis to 15.73 billion rupees from 21.08 billion rupees.

Reported net income decreased 60.1% from the prior-year period to 1.24 billion rupees, or 12.88 rupees per share, from 3.11 billion rupees, or 32.28 rupees per share.

As of Oct. 29, US$1 was equivalent to 65.42 Indian rupees.