The company's revenues, on the other hand, were reported at Rs 2,316 crore in Q3 FY24 as against Rs 2215 crore in the corresponding period last year, translating into 5% YoY growth.
25 Jan 2024 | 2832 Views | By Autocar Professional Bureau
Balkrishna Industries, a leading player in the global off-highway tyre (OHT) market, reported a standalone net profit of Rs 309 crore during Q3FY24, a jump of 210% over Rs 100 crore clocked in Q3 FY23.
The company's revenues, on the other hand, were reported at Rs 2,316 crore in ...
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Balkrishna Industries, a leading player in the global off-highway tyre (OHT) market, reported a standalone net profit of Rs 309 crore during Q3FY24, a jump of 210% over Rs 100 crore clocked in Q3 FY23.
The company's revenues, on the other hand, were reported at Rs 2,316 crore in Q3 FY24 as against Rs 2215 crore in the corresponding period last year, translating into 5% YoY growth.
Despite the performance, the company's stocks fell by 6.7% to Rs 2,531.9 on Thursday until 3:29 pm. as investors were apparently expecting better results.
Balkrishna Industries boasts a diversified product portfolio spread across agriculture, industrial, construction, earthmoving, mining, port, lawn and garden, and ATV tyres.
The company claims to have a sales presence in over 160 countries through its distribution network in the Americas, Europe, India, and the rest of the world. It counts companies such as JCB, Case, John Deere, New Holland Agriculture, TAFE, Carraro, and others among its prominent clients.
In its recent investor presentation, the company stated that the current achievable capacity is 3,60,000 MTPA post-commissioning of the Waluj Brownfield Project.
Autocar Professional reported in October last year that Balkrishna Industries was scaling up its capital expenditure budget by an additional Rs 300 crore, revising it to Rs 900 crore for the ongoing fiscal.
This represents a 50% jump over the company’s original capex target of Rs 600 crore for FY24. Of this, the routine maintenance capex was estimated to be Rs 250–300 crore. Given the aspirations of growth and better control over quality, the company has decided to take up a new project for mould manufacturing capacity. This will be a standalone new project at Bhuj, entailing a capex spend of Rs 300 crore, and the balance will be spent on new product development.