Balkrishna Industries Ltd Q2FY17
Standalone Results Q2FY17: (Rs. in crore)
|EBITDA Margin (%)||32.5||131|
|Net Profit (adjusted)||242.9||128.7|
Balkrishna Industries Ltd’s Q2FY17 standalone numbers beat Bloomberg estimates. Revenue for the quarter came in 5.5% above estimate of Rs 897 cr. EBITDA margin was 1214 bps higher than the estimate of 20%. Also, net profit for the quarter came in 84.2% above the estimate of Rs 132 cr.
Revenue for the quarter grew by 15.2% yoy to 947 cr.
Reported EBITDA surged by 20% yoy to Rs 307.5 cr while EBITDA margins expanded 131 bps yoy to 32.5%. This was primarily due to operational efficiency.
Net profit jumped by 128.7% yoy to Rs 243 cr. Company saw its effective tax rate decline from 37.9% in Q2FY16 to 27.2% in Q2FY17 which helped bottom-line.
Balkrishna Industries Ltd ended at Rs. 994, up by 72.7 points or 7.89% from its previous closing of Rs. 921.3 on the BSE.
The scrip opened at Rs. 930 and touched a high and low of Rs. 1009.35 and Rs. 930 respectively. A total of 324472(NSE+BSE) shares were traded on the counter. The stock traded above its 50 DMA.
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