 "Balkrishna Industries declines as Q1 profit lag estimates")
Balkrishna Industries has declined 4% to Rs 736 after reporting a lower than expected 13% year-on-year (yoy) growth in net profit at Rs 115 crore for the first quarter ended June 30, 2014 (Q1), mainly due to higher provision for depreciation and interest cost. The auto tyres and rubber products maker had profit of Rs 102 crore in a year ago quarter.
Net sales of the company grew 17.5% at Rs 948 crore on yoy basis.
Analysts on an average had expected profit of Rs 132 crore on sales of Rs 999 crore for the quarter.
The stock opened at Rs 770 and touched a low of Rs 708 on National Stock Exchange (NSE). A combined 47,000 shares changed hands on the counter so far on NSE and BSE.
Meanwhile, the stock had outperformed the market by gaining 61% since March 31, 2014 compared to 14% rise in benchmark CNX Nifty till yesterday.
Net sales of the company grew 17.5% at Rs 948 crore on yoy basis.
Analysts on an average had expected profit of Rs 132 crore on sales of Rs 999 crore for the quarter.
The stock opened at Rs 770 and touched a low of Rs 708 on National Stock Exchange (NSE). A combined 47,000 shares changed hands on the counter so far on NSE and BSE.
Meanwhile, the stock had outperformed the market by gaining 61% since March 31, 2014 compared to 14% rise in benchmark CNX Nifty till yesterday.
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →*Subscribe to Business Standard digital and get complimentary access to The New York Times
Smart Quarterly
₹900
3 Months
₹300/Month
SAVE 25%
Smart Essential
₹2,700
1 Year
₹225/Month
SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months
Super Saver
₹3,900
2 Years
₹162/Month
Subscribe
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
SAVE 25%