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Kaveri Seed profit misses consensus by 40.9% in fiscal Q2

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Kaveri Seed profit misses consensus by 40.9% in fiscal Q2

Kaveri Seed Co. Ltd. said its normalized net income for the fiscal second quarter ended Sept. 30 amounted to 3.21 Indian rupees per share, compared with the S&P Capital IQ consensus estimate of 5.44 rupees per share.

EPS climbed year over year from 87 paise.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 221.2 million rupees, a gain from 59.8 million rupees in the year-earlier period.

The normalized profit margin rose to 10.9% from 5.8% in the year-earlier period.

Total revenue rose 97.3% on an annual basis to 2.04 billion rupees from 1.03 billion rupees, and total operating expenses rose 83.0% from the prior-year period to 1.73 billion rupees from 945.8 million rupees.

Reported net income rose year over year to 335.2 million rupees, or 4.87 rupees per share, from 88.6 million rupees, or 1.29 rupees per share.

As of Oct. 21, US$1 was equivalent to 61.15 Indian rupees.