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Neo Corp International profit misses consensus by 18.4% in fiscal Q2

Neo Corp International Ltd said its normalized net income for the fiscal second quarter ended Sept. 30 was 2.42 Indian rupees per share, compared with the S&P Capital IQ consensus estimate of 2.96 rupees per share.

EPS declined 21.1% year over year from 3.06 rupees.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 91.8 million rupees, a decrease of 21.2% from 116.4 million rupees in the prior-year period.

The normalized profit margin declined to 2.3% from 3.5% in the year-earlier period.

Total revenue grew 23.8% on an annual basis to 4.07 billion rupees from 3.29 billion rupees, and total operating expenses grew 25.4% year over year to 3.73 billion rupees from 2.98 billion rupees.

Reported net income declined 15.4% on an annual basis to 113.5 million rupees, or 2.99 rupees per share, from 134.1 million rupees, or 3.53 rupees per share.

As of Nov. 16, US$1 was equivalent to 66.02 Indian rupees.