G.M.Breweries Ltd. said its normalized net income for the fiscal first quarter ended June 30 was 2.89 Indian rupees per share, compared with the S&P Capital IQ consensus estimate of 5.00 rupees per share.

EPS decreased 13.4% year over year from 3.33 rupees.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 42.2 million rupees, a decline of 13.5% from 48.8 million rupees in the year-earlier period.

The normalized profit margin dropped to 5.6% from 7.3% in the year-earlier period.

Total revenue grew 13.3% on an annual basis to 756.4 million rupees from 667.9 million rupees, and total operating expenses grew 16.6% from the prior-year period to 679.7 million rupees from 583.1 million rupees.

Reported net income decreased 13.6% from the prior-year period to 45.6 million rupees, or 3.12 rupees per share, from 52.8 million rupees, or 3.61 rupees per share.

As of July 24, US$1 was equivalent to 60.11 Indian rupees.