Shares of Balkrishna Industries Limited surged 5 percent to Rs 2,797.75 in morning trade on May 18 and were locked in the upper circuit after the company's fiscal fourth quarter impressed Street.
Balkrishna Industries, a prominent tyre manufacturer for agricultural and construction industries, reported a massive 87.4-percent increase in net profit to Rs 486.8 crore, higher than Rs 260 crore reported in the year-ago period.
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Revenue growth for the fourth quarter was also strong, higher by 15.7 percent, reaching Rs 2,682 crore compared to Rs 2,317 crore from the corresponding quarter of the previous fiscal.
EBITDA or earnings before interest, tax, depreciation and amortisation saw a 42 percent increase, climbing to Rs 681.2 crore from Rs 479.8 crore year-on-year. The margin improved to 25.4 percent from 20.7 percent.
In March, the Income Tax Department conducted searches on premises linked to Balkrishna Industries. The premises included office buildings and manufacturing units for alleged tax evasion.
A statement from the company affirmed its full cooperation with authorities, emphasising its commitment to providing all necessary information and support.
Balkrishna Industries' share price has rallied nearly 20 percent in the last three months.
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