You are here: Home » News-CM » Equities » Hot Pursuit
Business Standard

Balkrishna Inds hits record high; rises 9% in five days

Capital Market 

Balkrishna Industries rose 1.39% to Rs 1604, rising for the fifth consecutive trading session.

Shares of Balkrishna Industries have surged 8.8% in five trading days from its previous closing low of Rs 1,474.20 on 10 November 2020. The counter hit a record high of Rs 1621.50 in intraday trade today. The stock is up 137% from its 52-week low of Rs 677.60 posted on 23 March 2020.

The tyre maker's consolidated net profit jumped 15.8% to Rs 340.94 crore on 45.5% rise in net sales to Rs 1,577.90 crore in Q2 September 2020 over Q2 September 2019. Consolidated profit before tax (PBT) soared 74.1% to Rs 452.32 crore in Q2 September 2020 as against Rs 259.79 crore in Q2 September 2019. The Q2 result was declared on 6 November 2020.

The company said that the demand continues to be strong in agriculture segment across geographies. In the other segments, demand continues to remain stable. "Our diversified products portfolio, strong presence across the globe, multiple sourcing bases of raw materials and strong balance sheet with no long-term debt makes our company resilient to face any challenges and to maintain competitive edge in the global market," it added. With the volume of 99,320 MT achieved in first half, the firm expects to cross FY20 sales volumes in FY21, marginally subject to no further deterioration due to COVID-19.

On a standalone basis, sales volumes jumped 36% to 61,224 MT in Q2 September 2020 over Q2 September 2019. Net profit rose 16% to Rs 339 crore and total income rose 40% to Rs 1,551 crore during the period under review. EBITDA for the quarter jumped 71% to Rs 527 crore. EBITDA margin stood at 34% in Q2 FY21 as against 27.9% in Q2 FY20.

Balkrishna Industries is a tire manufacturing company. The company manufactures off-highway tires used in specialist segments like mining, earthmoving, agriculture and gardening.

Powered by Capital Market - Live News

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Tue, November 17 2020. 10:25 IST
RECOMMENDED FOR YOU
RECOMMENDED FOR YOU