Balkrishna Industries skids 10% following Q2 earnings disappointment

The stock slipped 10% to Rs 967 on the BSE after the company's standalone EBITDA margin declined 430 bps at 27.7% in Q2FY19 from 32% in Q2FY18.

Shares of Balkrishna Industries have fallen 10% to Rs 967 per share on the BSE in early morning trade after the company's standalone EBITDA (earnings before interest, tax, depreciation and amortization) margin declined 430 bps at 27.7% in September quarter (Q2FY19) from 32.0% in Q2FY18.

The tyre company reported 10% year-on-year (Y-o-Y) growth in its standalone net profit at Rs 2.22 billion in Q2FY19. It had a profit of Rs 2.03 billion in a year ago quarter.

Operational revenue during the quarter under review grew 19% at Rs 13.25 billion over the previous year quarter.  Other income rose four-fold