Balkrishna Industries' Q3 Profit Miss Pulls Shares Down 7%
The company's net profit jumped 181.96% year-on-year to Rs 305.46 crore, but missed the Bloomberg estimate of Rs 332.9 crore.
Shares of Balkrishna Industries Ltd. fell over 7% on Thursday after its third-quarter profit missed analysts' estimates.
The company's net profit jumped 181.96% year-on-year to Rs 305.46 crore in the quarter ended December, according to an exchange filing. That compares with Bloomberg estimate of Rs 332.9 crore.
Balkrishna Industries Q3 FY24 (Consolidated, YoY)
Revenue up 5.02% at Rs 2,274.41 crore vs Rs 2,165.57 crore (Bloomberg estimate: Rs 2,357.1 crore).
Ebitda up 100.74% at Rs 540.59 crore vs Rs 269.29 crore (Bloomberg estimate: Rs 590.6 crore).
Margin expands 1,133 bps to 23.76% vs 12.43% (Bloomberg estimate: 25.10%).
Net profit up 181.96% at Rs 305.42 crore vs Rs 108.32 crore (Bloomberg estimate: Rs 332.9 crore).
Shares of the company fell as much as 7.68% to Rs 2,506 apiece, the lowest level since Jan. 4. It pared losses to trade 6.95% lower at Rs 2,525.85 apiece, as of 1:06 p.m. This compares to a 0.85% decline in the NSE Nifty 50 Index.
It has risen 12.24% in the last 12 months. Total traded volume so far in the day stood at 6 times its 30-day average. The relative strength index was at 45.
Out of 26 analysts tracking the company, 10 maintain a 'buy' rating, five recommend a 'hold', and 11 suggest a 'sell,' according to Bloomberg data. The average 12-month consensus price target implies an upside of 13.4%.
