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.
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