Balkrishna Industries Ltd

About [ edit ]

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. #

Key Points [ edit ]
  • Market Cap 32,485 Cr.
  • Current Price 1,680
  • High / Low 1,885 / 838
  • Stock P/E 31.2
  • Book Value 281
  • Dividend Yield 1.19 %
  • ROCE 18.7 %
  • ROE 18.5 %
  • Face Value 2.00

Pros

  • Company has been maintaining a healthy dividend payout of 27.20%

Cons

  • The company has delivered a poor sales growth of 4.84% over past five years.

Peer comparison

Sector: Tyres Industry: Tyres

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020
1,232 1,362 1,325 1,206 1,351 1,193 1,071 1,160 1,357 929 1,579 1,505
936 1,005 993 905 1,031 926 804 819 985 698 1,042 1,028
Operating Profit 296 358 333 301 320 268 267 341 373 231 537 476
OPM % 24% 26% 25% 25% 24% 22% 25% 29% 27% 25% 34% 32%
Other Income 84 82 91 1 40 72 81 30 66 33 18 51
Interest 3 3 2 2 2 2 2 2 2 2 3 2
Depreciation 78 84 83 83 82 84 91 95 98 100 101 102
Profit before tax 298 352 338 216 276 254 256 275 339 162 451 424
Tax % 35% 35% 34% 33% 33% 31% -14% 20% 24% 25% 25% 24%
Net Profit 194 230 222 145 185 176 291 221 257 122 339 322
EPS in Rs 10.02 11.91 11.50 7.49 9.56 9.10 15.05 11.42 13.31 6.30 17.56 16.65

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 TTM
1,219 1,351 1,934 2,819 3,189 3,575 3,776 3,220 3,728 4,447 5,244 4,782 5,369
1,055 1,017 1,655 2,313 2,525 2,681 3,040 2,381 2,596 3,340 3,932 3,531 3,753
Operating Profit 164 334 279 506 665 894 736 838 1,132 1,108 1,312 1,251 1,616
OPM % 13% 25% 14% 18% 21% 25% 19% 26% 30% 25% 25% 26% 30%
Other Income 38 62 91 3 4 14 279 149 250 336 214 249 169
Interest 38 19 21 28 26 25 47 40 21 14 11 9 9
Depreciation 57 66 74 83 108 165 240 282 304 311 333 368 401
Profit before tax 108 311 275 398 535 718 728 665 1,056 1,118 1,183 1,123 1,375
Tax % 35% 33% 33% 33% 34% 32% 33% 34% 32% 34% 34% 16%
Net Profit 70 209 186 269 356 488 489 439 716 739 782 945 1,040
EPS in Rs 3.63 10.79 9.60 13.89 18.41 25.26 25.29 22.69 37.02 38.24 40.45 48.88 53.82
Dividend Payout % 16% 6% 7% 5% 4% 4% 5% 12% 11% 21% 20% 41%
Compounded Sales Growth
10 Years:13%
5 Years:5%
3 Years:9%
TTM:12%
Compounded Profit Growth
10 Years:16%
5 Years:13%
3 Years:12%
TTM:19%
Stock Price CAGR
10 Years:38%
5 Years:39%
3 Years:9%
1 Year:91%
Return on Equity
10 Years:20%
5 Years:18%
3 Years:18%
Last Year:18%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Sep 2020
19 19 19 19 19 19 19 19 19 39 39 39 39
Reserves 448 641 812 1,061 1,400 1,865 2,272 2,762 3,532 4,057 4,640 4,989 5,390
Borrowings 473 464 607 1,673 2,074 2,350 2,358 1,880 1,361 835 830 863 817
332 447 659 362 495 639 665 720 843 914 921 840 973
Total Liabilities 1,272 1,572 2,098 3,116 3,989 4,874 5,315 5,382 5,756 5,845 6,430 6,731 7,218
535 615 687 828 1,278 2,329 2,415 2,858 2,849 2,849 2,786 3,277 3,272
CWIP 75 59 44 450 946 476 634 231 110 118 585 586 666
Investments 32 81 32 32 33 427 445 866 1,350 1,103 1,083 1,063 1,247
631 817 1,334 1,805 1,733 1,642 1,821 1,426 1,448 1,774 1,975 1,806 2,034
Total Assets 1,272 1,572 2,098 3,116 3,989 4,874 5,315 5,382 5,756 5,845 6,430 6,731 7,218

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020
284 196 59 74 550 594 979 1,095 842 753 813 1,164
-124 -181 -158 -677 -959 -1,241 -428 -569 -534 -92 -621 -656
-158 -23 105 950 318 390 -130 -656 -616 -655 -173 -521
Net Cash Flow 2 -7 7 346 -91 -257 421 -129 -308 6 19 -13

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020
ROCE % 15% 32% 23% 20% 18% 19% 17% 15% 20% 22% 22% 19%
Debtor Days 66 65 61 62 58 63 58 43 40 41 40 50
Inventory Turnover 4.97 4.55 4.24 4.06 4.18 3.83 4.62 3.92 4.04 4.41 4.05 3.54

Shareholding Pattern

Numbers in percentages

Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 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
15.78 14.32 12.59 11.46 10.63 11.17 11.68 11.93 12.99 11.52 15.54 14.40
12.45 12.91 13.58 15.03 15.95 15.94 17.49 17.80 17.78 18.97 14.96 14.60
13.47 14.48 15.54 15.21 15.13 14.59 12.53 11.97 10.94 11.21 11.20 12.71

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