Balkrishna Industries Ltd

₹ 2,127 3.74%
May 17 - close price
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]

  • Market Cap 41,173 Cr.
  • Current Price 2,127
  • High / Low 2,724 / 1,682
  • Stock P/E 29.2
  • Book Value 358
  • Dividend Yield 0.80 %
  • ROCE 24.1 %
  • ROE 21.8 %
  • Face Value 2.00

Pros

  • Company is expected to give good quarter
  • Company has been maintaining a healthy dividend payout of 35.91%

Cons

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Sector: Tyres Industry: Tyres

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022
1,193 1,071 1,160 1,357 929 1,579 1,505 1,746 1,813 2,050 2,030 2,374
926 804 819 985 698 1,042 1,028 1,204 1,300 1,530 1,587 1,874
Operating Profit 268 267 341 373 231 537 476 542 513 520 443 500
OPM % 22% 25% 29% 27% 25% 34% 32% 31% 28% 25% 22% 21%
72 81 30 66 33 18 51 58 78 133 112 108
Interest 2 2 2 2 2 3 2 2 2 2 2 2
Depreciation 84 91 95 98 100 101 102 103 104 108 115 117
Profit before tax 254 256 275 339 162 451 424 495 485 543 439 488
Tax % 31% -14% 20% 24% 25% 25% 24% 25% 32% 30% 25% 23%
Net Profit 176 291 221 257 122 339 322 372 331 377 329 374
EPS in Rs 9.10 15.05 11.42 13.31 6.30 17.56 16.65 19.25 17.13 19.51 17.00 19.33

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
1,934 2,819 3,189 3,575 3,776 3,220 3,728 4,447 5,244 4,782 5,758 8,267
1,655 2,313 2,525 2,681 3,040 2,365 2,596 3,340 3,929 3,530 3,971 6,291
Operating Profit 279 506 665 894 736 855 1,132 1,108 1,315 1,252 1,786 1,976
OPM % 14% 18% 21% 25% 19% 27% 30% 25% 25% 26% 31% 24%
91 3 4 14 278 133 250 336 211 248 161 431
Interest 21 28 26 25 47 40 21 14 11 9 10 8
Depreciation 74 83 108 165 240 282 304 311 333 368 406 444
Profit before tax 275 398 535 718 728 665 1,056 1,118 1,183 1,123 1,531 1,954
Tax % 33% 33% 34% 32% 33% 34% 32% 34% 34% 16% 25% 28%
Net Profit 186 269 356 488 489 439 716 739 782 945 1,155 1,411
EPS in Rs 9.60 13.89 18.41 25.26 25.29 22.69 37.02 38.24 40.45 48.88 59.77 72.97
Dividend Payout % 7% 5% 4% 4% 5% 12% 11% 21% 20% 41% 28% 38%
Compounded Sales Growth
10 Years: 11%
5 Years: 17%
3 Years: 16%
TTM: 44%
Compounded Profit Growth
10 Years: 18%
5 Years: 17%
3 Years: 24%
TTM: 28%
Stock Price CAGR
10 Years: 32%
5 Years: 23%
3 Years: 39%
1 Year: 2%
Return on Equity
10 Years: 20%
5 Years: 19%
3 Years: 20%
Last Year: 22%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
19 19 19 19 19 19 19 39 39 39 39 39
Reserves 812 1,061 1,400 1,865 2,272 2,762 3,532 4,057 4,640 4,989 5,969 6,886
Borrowings 607 1,673 2,074 2,350 2,358 1,880 1,361 835 830 863 894 2,443
659 362 495 639 665 720 843 914 921 840 1,139 1,490
Total Liabilities 2,098 3,116 3,989 4,874 5,315 5,382 5,756 5,845 6,430 6,731 8,040 10,857
687 828 1,278 2,329 2,415 2,858 2,849 2,849 2,786 3,277 3,334 3,986
CWIP 44 450 946 476 634 231 110 118 585 586 856 1,258
Investments 32 32 33 427 445 866 1,350 1,103 1,083 1,063 1,418 1,897
1,334 1,805 1,733 1,642 1,821 1,426 1,448 1,774 1,975 1,806 2,432 3,715
Total Assets 2,098 3,116 3,989 4,874 5,315 5,382 5,756 5,845 6,430 6,731 8,040 10,857

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
59 74 550 594 979 1,095 842 753 813 1,164 1,363 881
-158 -677 -959 -1,241 -428 -569 -534 -92 -621 -656 -1,158 -1,889
105 950 318 390 -130 -656 -616 -655 -173 -521 -194 1,003
Net Cash Flow 7 346 -91 -257 421 -129 -308 6 19 -13 11 -5

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
Debtor Days 61 62 58 63 58 43 40 41 40 50 46 48
Inventory Days 122 103 88 112 73 100 106 101 106 100 144 158
Days Payable 34 43 49 79 70 87 84 67 53 62 100 78
Cash Conversion Cycle 149 122 97 96 61 56 63 75 92 87 90 129
Working Capital Days 118 118 101 97 75 58 76 76 74 67 67 28
ROCE % 23% 20% 18% 19% 17% 15% 20% 22% 22% 19% 23% 24%

Shareholding Pattern

Numbers in percentages

Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022
58.30 58.30 58.30 58.30 58.30 58.30 58.30 58.30 58.30 58.30 58.29 58.29
10.63 11.17 11.68 11.93 12.99 11.52 15.54 14.40 15.18 15.42 15.07 14.05
15.95 15.94 17.49 17.80 17.78 18.97 14.96 14.60 14.09 12.56 11.59 11.78
15.13 14.59 12.53 11.97 10.94 11.21 11.20 12.71 12.44 13.73 15.05 15.87

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