Balkrishna Industries Ltd

Balkrishna Industries is engaged in the business of manufacturing and selling of Off-Highway Tyres (OHT) in the specialist segments such as Agricultural, Industrial & Construction, Earthmovers & Port, Mining, Forestry, Lawn & Garden and All Terrain Vehicles (ATV).(Source : 201903 Annual Report Page No: 54)

Pros:
Company is virtually debt free.
Company has been maintaining a healthy dividend payout of 17.17%
Cons:

Peer Comparison Sector: Tyres // Industry: Tyres

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Quarterly Results Standalone Figures in Rs. Crores / View Consolidated

Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019
896 1,001 1,012 1,114 1,106 1,232 1,362 1,325 1,206 1,351 1,193 1,071
618 746 796 810 816 936 1,005 993 905 1,031 926 804
Operating Profit 278 255 216 305 290 296 358 333 301 320 268 267
OPM % 31% 26% 21% 27% 26% 24% 26% 25% 25% 24% 22% 25%
Other Income 63 62 92 82 78 84 82 91 1 40 72 81
Interest 5 5 5 3 2 3 3 2 2 2 2 2
Depreciation 79 75 76 78 80 78 84 83 83 82 84 91
Profit before tax 257 237 228 307 286 298 352 338 216 276 254 256
Tax % 28% 42% 33% 34% 34% 35% 35% 34% 33% 33% 31% -14%
Net Profit 186 138 153 203 190 194 230 222 145 185 176 291
EPS in Rs 9.61 7.14 3.96 10.50 9.80 10.02 11.91 11.50 7.48 9.56 9.10 15.05
Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes

Profit & Loss Standalone Figures in Rs. Crores / View Consolidated

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 TTM
978 1,219 1,351 1,934 2,819 3,189 3,575 3,776 3,220 3,728 4,447 5,244 4,821
775 1,055 1,017 1,655 2,313 2,525 2,681 3,040 2,381 2,596 3,340 3,932 3,665
Operating Profit 203 164 334 279 506 665 894 736 838 1,132 1,108 1,312 1,156
OPM % 21% 13% 25% 14% 18% 21% 25% 19% 26% 30% 25% 25% 24%
Other Income 31 38 62 91 3 4 14 279 149 250 336 214 193
Interest 27 38 19 21 28 26 25 47 40 21 14 11 8
Depreciation 44 57 66 74 83 108 165 240 282 304 311 333 341
Profit before tax 163 108 311 275 398 535 718 728 665 1,056 1,118 1,183 1,002
Tax % 35% 35% 33% 33% 33% 34% 32% 33% 34% 32% 34% 34%
Net Profit 106 70 209 186 269 356 488 489 439 716 739 782 796
EPS in Rs 5.28 3.53 10.67 9.49 13.77 18.28 25.10 25.05 21.89 36.46 38.24 40.46 41.19
Dividend Payout % 19% 16% 6% 7% 5% 4% 4% 5% 12% 11% 21% 20%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:15.71%
5 Years:7.96%
3 Years:17.66%
TTM:-4.07%
Compounded Profit Growth
10 Years:26.48%
5 Years:8.64%
3 Years:20.60%
TTM:-4.70%
Stock Price CAGR
10 Years:36.05%
5 Years:25.36%
3 Years:15.45%
1 Year:-2.00%
Return on Equity
10 Years:21.26%
5 Years:18.70%
3 Years:18.30%
Last Year:16.85%

Balance Sheet Standalone Figures in Rs. Crores / View Consolidated

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Sep 2019
19 19 19 19 19 19 19 19 19 19 39 39 39
Reserves 392 448 641 812 1,061 1,400 1,865 2,272 2,762 3,532 4,057 4,640 4,979
Borrowings 535 473 464 607 1,673 2,074 2,350 2,358 1,880 1,361 835 830 671
326 333 448 661 364 498 643 670 748 851 925 938 805
Total Liabilities 1,272 1,274 1,573 2,099 3,118 3,992 4,877 5,319 5,410 5,764 5,856 6,446 6,493
424 535 615 687 828 1,278 2,329 2,415 2,858 2,849 2,849 2,786 3,073
CWIP 127 75 59 44 450 946 476 634 231 110 118 585 506
Investments 34 32 81 32 32 33 427 445 866 1,350 1,103 1,083 1,155
686 632 819 1,336 1,807 1,736 1,645 1,826 1,454 1,456 1,785 1,992 1,759
Total Assets 1,272 1,274 1,573 2,099 3,118 3,992 4,877 5,319 5,410 5,764 5,856 6,446 6,493

Cash Flows Standalone Figures in Rs. Crores / View Consolidated

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
38 284 196 59 74 550 594 979 1,095 842 753 813
-165 -124 -181 -158 -677 -959 -1,241 -428 -569 -534 -92 -621
131 -158 -23 105 950 318 390 -130 -656 -616 -655 -173
Net Cash Flow 4 2 -7 7 346 -91 -257 421 -129 -308 6 19

Ratios Standalone Figures in Rs. Crores / View Consolidated

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
ROCE % 22% 15% 32% 23% 20% 18% 19% 17% 15% 20% 22% 22%
Debtor Days 73 66 65 61 62 58 63 58 43 40 41 40
Inventory Turnover 6.33 7.90 8.31 6.30 6.33 6.98 7.44 8.20 8.26 8.80 8.44 8.02