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Flex Foods profit misses consensus by 40.2% in fiscal Q4

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According to Market Intelligence, December 2022

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Flex Foods profit misses consensus by 40.2% in fiscal Q4

Flex Foods Ltd said its normalized net income for the fiscal fourth quarter ended March 31 was 1.70 Indian rupees per share, compared with the S&P Capital IQ consensus estimate of 2.84 rupees per share.

EPS declined 36.3% year over year from 2.67 rupees.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 21.1 million rupees, a decline of 36.5% from 33.2 million rupees in the prior-year period.

The normalized profit margin declined to 12.6% from 17.0% in the year-earlier period.

Total revenue fell 14.4% on an annual basis to 167.6 million rupees from 195.8 million rupees, and total operating expenses declined 8.5% year over year to 129.4 million rupees from 141.4 million rupees.

Reported net income fell 55.8% year over year to 19.0 million rupees, or 1.53 rupees per share, from 43.0 million rupees, or 3.45 rupees per share.

For the year, the company's normalized net income totaled 7.21 rupees per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 8.87 rupees.

EPS rose 5.6% from 6.83 rupees in the prior year.

Normalized net income was 89.8 million rupees, a gain of 5.6% from 85.0 million rupees in the prior year.

Full-year total revenue rose 9.5% from the prior-year period to 724.5 million rupees from 661.6 million rupees, and total operating expenses increased 7.2% on an annual basis to 575.1 million rupees from 536.2 million rupees.

The company said reported net income declined 9.0% on an annual basis to 94.1 million rupees, or 7.56 rupees per share, in the full year, from 103.4 million rupees, or 8.31 rupees per share.

As of July 22, US$1 was equivalent to 63.66 Indian rupees.