Balkrishna Industries tanks over 11% as Q3 profit plunges 68% YoY

Shares of Balkrishna Industries plunged 11.5 per cent to Rs 2041 per share on the BSE in Monday's intra-day trade after the tyre firm's consolidated net profit for the October-December quarter (Q3FY23) plummted 68 per cent year-on-year (YoY) to Rs108.38 crore from Rs 339 crore clocked in the corresponding period last year. In comparison, the benchmark S&P BSE Sensex was down 0.5 per cent at 10:35 AM.

Its revenue from operations increased marginally by around 6 per cent to Rs 2,165.57 crore in Q3 as against Rs 2,045.81 crore reported during the quarter ended December 2021.

Ebitda (earnings before interest, tax, depreciation,