Balkrishna Industries stock is on a slippery slope
- For FY24, the company's management projects an optimistic outlook, buoyed by anticipated continued business momentum in the US and India
Balkrishna Industries Ltd's March quarter (Q4FY23) earnings performance disappointed investors. A normally robust quarter for the tyre maker was undermined by a surge in channel inventory clearance in end markets. Though sales volumes saw a sequential uptick, they were still down 6% YoY at around 72,700 tonnes, a factor the company's management anticipates will be rectified starting June. As a result, Q4 profits remained lacklustre.