BKT profits up, but below expectations

In the first quarter of its 2014-15 financial year, the three-month period to 30 June 2014, net sales at Balkrishna Industries Limited (BKT) rose 17.6 per cent year-on-year to Rs 9.49 billion (£92.4 million). The company’s net profit grew 12.7 per cent to Rs 1.15 billion (£11.2 million) during the three-month period, yet despite this the company’s share price dropped more than five per cent to a day’s low of Rs 715 after the quarter results were announced. Analysts had expected profits of around Rs 1.32 billion for the quarter.