The December quarter results of Balkrishna Industries, which makes tyres for the off-the-road or off highway segment, were a mixed bag with revenue outperformance offset by margin decline. Despite a price hike of 2-3 per cent in the quarter, the gross margins of the country’s largest listed tyre maker by market capitalisation, slipped by 620 basis points y-o-y to 53.5 per cent. Higher natural rubber cost, which gained about 6.4 per cent in the December quarter, was the key reason for the sharp drop at the gross level.
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First Published: Thu, February 17 2022. 08:25 IST
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