Quarterly Result: Balkrishna Industries Ltd
Bhagyashree Vivarekar / 01 Dec 2016
Balkrishna Industries Ltd., ended at Rs. 994, up by 72.7 points or 7.89% from its earlier closing of Rs. 921.3 on the BSE. The company's net profit has surged by 128.7% yoy to Rs 243 cr.
Technical View:
Balkrishna Industries Ltd., ended at Rs. 994, up by 72.7 points or 7.89% from its earlier closing of Rs. 921.3 on the BSE.
The scrip touched a high and low of Rs. 1009.35 and Rs. 930 respectively, after opening at 930. Altogether 324472(NSE+BSE) shares have been traded on the counter; and the stock is trading above its 50 DMA.
Standalone Results Q2FY17:
Bloomberg estimates have been beaten by Balkrishna Industries Ltd’s Q2FY17 standalone numbers. Revenue for the quarter has come in 5.5% higher than the estimate of Rs 897 cr. EBITDA margin is 1214 bps above the estimate of 20%. Net profit for the quarter has come in 84.2% higher than the estimate of Rs 132 cr.
The quarter's revenue has grown by 15.2% yoy to 947 cr.
Balkrishna's EBITDA has soared 20% yoy to Rs 307.5 cr while EBITDA margins have widened 131 bps yoy to 32.5%, triggered by operational efficiency.
The company's net profit has surged by 128.7% yoy to Rs 243 cr. Company has seen its effective tax rate dip from 37.9% in Q2FY16 to 27.2% in Q2FY17 which boosted bottom-line.
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