This morning, Balkrishna Industries share price surged by more than 12 per cent on strong Q2. The stock opened with a rise of 127 points at Rs. 1061.50 as compared to its previous closing at Rs.992.75. As of now, the stock is quoting at Rs. 1119.95 and touched the days high and low at Rs. 199 and Rs. 189.
The company’s Q2FY17 standalone numbers could meet the estimates of Bloomberg. Revenue for the quarter came in 5.5 per cent above estimate of Rs 897 crore. EBITDA margin was 1214 bps higher than the estimate of 20 per cent. Furthermore, net profit for the quarter came in 84.2 per cent above the estimate of Rs 132 crore. Revenue for the quarter grew by 15.2 per cent y-o-y to 947 crore. Reported EBITDA increased by 20% yoy to Rs 307.5 crore while EBITDA margins expanded 131 bps y-o-y to 32.5- per cent. This was primarily on the back of operational efficiency. Net profit increased by 128.7 per cent y-o-y to Rs 243 crore. Company saw its effective tax rate decline from 37.9 per cent in Q2FY16 to 27.2 per cent in Q2FY17 which helped bottom-line.
Even last day, the stock rose in early trade ahead of the firm announcing its Q2 earnings later in the day.
Within the next one hour, around 2,01,592 shares are traded in the counter with a traded value of Rs. 2,228.01 lacs, as per NSE. Balkrishna Industries is analyzed by Dynamic Levels as the top 500 performing stocks for this quarter among the 1700 stocks which are listed on the NSE. Balkrishna Industries is fundamentally strong and is safe for investment, as per Dynamic analysts.
In order to know about the support and resistance levels of the scrip and also its fundamentals and financials, please a pay a visit to Balkrishna Industries share price history.
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