Balkrishna Industries gained 2.42% to Rs 1308.70, rising for the sixth consecutive trading session.
The stock has risen 5.85% in six trading days from its previous closing low of Rs 1236.35 on 25 June 2020. The counter hit a fresh 52-week high of Rs 1,312 in intraday today.Balkrishna Industries announced robust Q4 numbers on 20 June 2020. The company reported a 42.3% rise in consolidated net profit to Rs 264.70 crore on 1.2% rise in revenue from operations to Rs 1372.27 crore in Q4 March 2020 over Q4 March 2019.
Consolidated profit before tax (PBT) stood at Rs 346.31 crore in Q4 March 2020, rising 24.5% from Rs 278.02 crore in the same period last year. Total tax expense fell 11.3% to Rs 81.61 crore in Q4 March 2020 over Q4 March 2019. The company received a deferred tax rebate of Rs 11.18 crore in Q4 March 2020.
The stock was in demand after positive management commentary and a robust outlook. The management said, During February 2020, we had indicated that we should be able to cross 2,00,000 MT sales volume for FY20. We have crossed this benchmark and have achieved the sales volume of 201,760 MT for FY20. This is despite shutdown of manufacturing operations and dispatches across all our plants from 25th March 2020 due to lockdown on account of COVID-19. After resumption of manufacturing activities and dispatches in later part of April 2020, we were gradually able to ramp up our activities and have gradually gained normalcy in our manufacturing activities as well as dispatches to a large extent. If everything remains what it is, as of today, performance for FY21 should be at similar levels, of what has been achieved during FY20."
Since disclosing Q4 numbers, the stock has moved 7.4% from its closing low of Rs 1218.45 on 19 June 2020. The benchmark BSE Sensex has risen 3.8% in the same period.
Balkrishna Industries is a tyre manufacturing company. The company manufactures off-highway tires used in specialist segments like mining, earthmoving, agriculture and gardening.
Powered by Capital Market - Live News
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)