Balkrishna Industries share price locked at 5% upper circuit post strong Q4 results
Balkrishna Industries share price were locked in 5% upper circuit and touched 52-week high following strong Q4 results. The company's profit after tax (PAT) for the quarter ended March (Q4FY24), jumped 88% year-on-year to ₹481 crore from ₹256 crore. Sequentially, the PAT grew 56%, as per the exchange filing.
The Balkrishna Industries's sales for Q4FY24 rose 13% on year to 82,085 crore from ₹72,676 in Q4FY23. At the operating level, earnings before interest, taxes, depreciation and amortisation (EBITDA) stood at ₹699 crore in the fourth quarter of FY24 over ₹494 crore in the corresponding period in the previous fiscal. EBITDA margin stood at 25.9% in the reporting quarter as compared to 21.3% in the corresponding period in the previous fiscal.
Also Read: Q4 Results Today: Ujjivan SFB, Krsnaa Diagnostics, Patel Engineering among 55 companies to post earnings on May 18 Balkrishna Industries stock price opened at an intraday high of ₹2,798.95 apiece on BSE, the stock touched an intraday low of ₹2,748.90. The company in an exchange filing said that the board recommended payment of Final Dividend of ₹4 per equity share (200%) on the equity shares of ₹2 each for the year ended 31st March, 2024. As per equitypandit news report, technically, Balkrishna Industries share price will immediately find support around 2,503.03 and resistance at 2,750.03.
A significant breach may be seen if the price of Balkrishna Industries shares closes below the 2,503.03 immediate support level. Major support for the price of Balkrishna Ind shares will be found at 2,341.52 this week. "On the positive side, immediate resistance will be seen at 2,750.03.
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