Balkrishna Industries Ltd

About

Balkrishna Industries Limited (BKT) started its Off-Highway tire business in 1987. For over 30 years, BKT has successfully focused on specialist segments such as agricultural, construction and industrial as well as earthmoving, port and mining, ATV, and gardening applications. [1]

Key Points

Global Presence
Company sells its tyres in 160+ countries through its distribution network in Americas, Europe, India & ROW. [1] It receives 49% of its sales from Europe, followed by India (23%), Americas (15%) & Rest of World (13%). [2]

See full details
  • Market Cap 46,674 Cr.
  • Current Price 2,414
  • High / Low 2,724 / 1,306
  • Stock P/E 34.2
  • Book Value 311
  • Dividend Yield 0.87 %
  • ROCE 23.1 %
  • ROE 20.0 %
  • Face Value 2.00

Pros

  • Company is expected to give good quarter
  • Company has been maintaining a healthy dividend payout of 29.71%

Cons

  • Stock is trading at 7.77 times its book value

Peer comparison

Sector: Tyres Industry: Tyres

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021
1,325 1,206 1,351 1,193 1,071 1,160 1,357 929 1,579 1,505 1,746 1,813
993 905 1,031 926 804 819 985 698 1,042 1,028 1,204 1,300
Operating Profit 333 301 320 268 267 341 373 231 537 476 542 513
OPM % 25% 25% 24% 22% 25% 29% 27% 25% 34% 32% 31% 28%
Other Income 91 1 40 72 81 30 66 33 18 51 58 78
Interest 2 2 2 2 2 2 2 2 3 2 2 2
Depreciation 83 83 82 84 91 95 98 100 101 102 103 104
Profit before tax 338 216 276 254 256 275 339 162 451 424 495 485
Tax % 34% 33% 33% 31% -14% 20% 24% 25% 25% 24% 25% 32%
Net Profit 222 145 185 176 291 221 257 122 339 322 372 331
EPS in Rs 11.50 7.49 9.56 9.10 15.05 11.42 13.31 6.30 17.56 16.65 19.25 17.13

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 TTM
1,351 1,934 2,819 3,189 3,575 3,776 3,220 3,728 4,447 5,244 4,782 5,758 6,642
1,017 1,655 2,313 2,525 2,681 3,040 2,365 2,596 3,340 3,929 3,530 3,971 4,575
Operating Profit 334 279 506 665 894 736 855 1,132 1,108 1,315 1,252 1,786 2,068
OPM % 25% 14% 18% 21% 25% 19% 27% 30% 25% 25% 26% 31% 31%
Other Income 62 91 3 4 14 278 133 250 336 211 248 161 206
Interest 19 21 28 26 25 47 40 21 14 11 9 10 10
Depreciation 66 74 83 108 165 240 282 304 311 333 368 406 411
Profit before tax 311 275 398 535 718 728 665 1,056 1,118 1,183 1,123 1,531 1,854
Tax % 33% 33% 33% 34% 32% 33% 34% 32% 34% 34% 16% 25%
Net Profit 209 186 269 356 488 489 439 716 739 782 945 1,155 1,365
EPS in Rs 10.79 9.60 13.89 18.41 25.26 25.29 22.69 37.02 38.24 40.45 48.88 59.77 70.59
Dividend Payout % 6% 7% 5% 4% 4% 5% 12% 11% 21% 20% 41% 28%
Compounded Sales Growth
10 Years: 12%
5 Years: 12%
3 Years: 9%
TTM: 47%
Compounded Profit Growth
10 Years: 20%
5 Years: 21%
3 Years: 16%
TTM: 53%
Stock Price CAGR
10 Years: 39%
5 Years: 35%
3 Years: 33%
1 Year: 79%
Return on Equity
10 Years: 20%
5 Years: 19%
3 Years: 19%
Last Year: 20%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
19 19 19 19 19 19 19 19 39 39 39 39
Reserves 641 812 1,061 1,400 1,865 2,272 2,762 3,532 4,057 4,640 4,989 5,969
Borrowings 464 607 1,673 2,074 2,350 2,358 1,880 1,361 835 830 863 894
447 659 362 495 639 665 720 843 914 921 840 1,139
Total Liabilities 1,572 2,098 3,116 3,989 4,874 5,315 5,382 5,756 5,845 6,430 6,731 8,040
615 687 828 1,278 2,329 2,415 2,858 2,849 2,849 2,786 3,277 3,334
CWIP 59 44 450 946 476 634 231 110 118 585 586 856
Investments 81 32 32 33 427 445 866 1,350 1,103 1,083 1,063 1,418
817 1,334 1,805 1,733 1,642 1,821 1,426 1,448 1,774 1,975 1,806 2,432
Total Assets 1,572 2,098 3,116 3,989 4,874 5,315 5,382 5,756 5,845 6,430 6,731 8,040

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
196 59 74 550 594 979 1,095 842 753 813 1,164 1,363
-181 -158 -677 -959 -1,241 -428 -569 -534 -92 -621 -656 -1,158
-23 105 950 318 390 -130 -656 -616 -655 -173 -521 -194
Net Cash Flow -7 7 346 -91 -257 421 -129 -308 6 19 -13 11

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
Debtor Days 65 61 62 58 63 58 43 40 41 40 50 46
Inventory Days 108 122 103 88 112 73 100 106 101 106 100 144
Days Payable 45 34 43 49 79 70 87 84 67 53 62 100
Cash Conversion Cycle 128 149 122 97 96 61 56 63 75 92 87 90
Working Capital Days 114 118 118 101 97 75 58 76 76 74 67 67
ROCE % 32% 23% 20% 18% 19% 17% 15% 20% 22% 22% 19% 23%

Shareholding Pattern

Numbers in percentages

Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021
58.30 58.30 58.30 58.30 58.30 58.30 58.30 58.30 58.30 58.30 58.30 58.30
12.59 11.46 10.63 11.17 11.68 11.93 12.99 11.52 15.54 14.40 15.18 15.42
13.58 15.03 15.95 15.94 17.49 17.80 17.78 18.97 14.96 14.60 14.09 12.56
15.54 15.21 15.13 14.59 12.53 11.97 10.94 11.21 11.20 12.71 12.44 13.73

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