The Balkrishna Industries stock fell in early trade after the off highway tyre maker reported Rs 222 crore net profit for the quarter ended September which came below estimates. The firm reported Rs 203 crore in net profit in the corresponding quarter of previous fiscal.
The stock fell up to 9.90% to 964 level compared to the previous close of 1069.95 on the BSE. The large cap stock opened at a loss of 1034.90 and hit an intra day high of 1041.15.
At 10:50 am, the stock was trading 8.59% or 91 .90 points lower at 978.05 on the BSE. It closed 11.60% lower at 945 level on the BSE.
The stock has been losing for the last three days and has fallen 13.78% during the period. The stock has lost 18.13% since the beginning of this year and risen 7.88% during the last one year.
The stock hit its 52-week high of 1467.20 on August 29, 2018 and 52-week low of 870.78 on November 8, 2017.
Net profit fell 3.45% quarter on quarter with the firm clocking Rs 230.25 crore profit in the end of June quarter.
Net sales fell 2.71% to Rs 1325.48 crore in September quarter compared to Rs 1362.39 crore in the quarter ended June. However, net sales rose 18.5% on an year-on-year basis.
The firm declared second interim dividend of Rs 2 rupees per share.
Expenses rose to Rs 1,078.12 crore in the September quarter compared to Rs 889.77 crore in corresponding quarter of previous fiscal.
Mumbai-based Balkrishna Industries is engaged in offering pneumatic tires. The company offers tires, tubes and tire flaps. It focuses on manufacture of a range of off-highway tires (OHT). These tires are mainly meant for agricultural, industrial and construction, earthmover and port, mining, forestry, lawn and garden and all-terrain vehicles (ATV).
Its products include AGRIMAX RT 855, PL 801, EARTHMAX SR 41, EM 934, AGRIMAX TERIS and EARTHMAX SR 30, among others.
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