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Grasim Industries profit misses consensus by 24.0% in fiscal Q1

Grasim Industries Ltd. said its normalized net income for the fiscal first quarter ended June 30 was 8.72 Indian rupees per share, compared with the S&P Capital IQ consensus estimate of 11.47 rupees per share.

EPS fell 9.6% year over year from 9.64 rupees.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 4.01 billion rupees, a decrease of 9.6% from 4.43 billion rupees in the year-earlier period.

The normalized profit margin declined to 5.0% from 6.4% in the year-earlier period.

Total revenue increased 15.9% on an annual basis to 80.44 billion rupees from 69.40 billion rupees, and total operating expenses increased 20.4% on an annual basis to 71.84 billion rupees from 59.69 billion rupees.

Reported net income declined 20.1% on an annual basis to 4.87 billion rupees, or 10.60 rupees per share, from 6.10 billion rupees, or 13.28 rupees per share.

As of Aug. 1, US$1 was equivalent to 60.84 Indian rupees.