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Balkrishna Industries has declined 4% to Rs 736 after reporting a lower than expected 13% year-on-year (yoy) growth in net profit at Rs 115 crore for the first quarter ended June 30, 2014 (Q1), mainly due to higher provision for depreciation and interest cost. The auto tyres and rubber products maker had profit of Rs 102 crore in a year ago quarter.
Net sales of the company grew 17.5% at Rs 948 crore on yoy basis.
Analysts on an average had expected profit of Rs 132 crore on sales of Rs 999 crore for the quarter.
The stock opened at Rs 770 and touched a low of Rs 708 on National Stock Exchange (NSE). A combined 47,000 shares changed hands on the counter so far on NSE and BSE.
Meanwhile, the stock had outperformed the market by gaining 61% since March 31, 2014 compared to 14% rise in benchmark CNX Nifty till yesterday.
Net sales of the company grew 17.5% at Rs 948 crore on yoy basis.
Analysts on an average had expected profit of Rs 132 crore on sales of Rs 999 crore for the quarter.
The stock opened at Rs 770 and touched a low of Rs 708 on National Stock Exchange (NSE). A combined 47,000 shares changed hands on the counter so far on NSE and BSE.
Meanwhile, the stock had outperformed the market by gaining 61% since March 31, 2014 compared to 14% rise in benchmark CNX Nifty till yesterday.
