Earnings | Balkrishna Industries Ltd (NSE:BALKRISIND): Q3FY23 Results Out; Total Income rise 2% YoY

Balkrishna Industries Ltd (NSE:BALKRISIND) is an Indian manufacturer of off-highway tires. The company produces a range of tires for agricultural, industrial, construction, and earthmoving vehicles. Balkrishna Industries Ltd(BKT) exports its products to more than 130 countries worldwide. The company has been expanding its product portfolio and investing in research and development to meet the increasing demand for off-highway tires globally. BKT has manufacturing facilities in India and Bhuj, and a research and development center in Italy.

Balkrishna Industries Ltd, a leading tyre manufacturer, has reported a decline of 68% YoY in its consolidated net profit for the December quarter of FY23, which stood at Rs 108.38 crore compared to Rs 339 crore in the same period last year. The revenue from operations in Q3FY23 increased by 5.85% to Rs 2165.57 crore as compared to Rs 2045.81 crore in Q3FY22. However, the EBITDA declined by 44.84% to Rs 314.26 crore from Rs 569.69 crore in the year-ago period. The company recorded net expenses of Rs 2059.06 crore in Q3FY23 compared to Rs 1708.78 crore in the same period last year. The EPS for the quarter reached Rs 5.61, a decline from Rs 17.53 in Q3FY22.

Balkrishna Industries Ltd has experienced a decline in its net profit and EBITDA for the December quarter of FY23 compared to the same period last year. The company has also reported a decrease in its total income, net profit, and EPS for the period ended December 31, 2022, compared to the same period last year.