Balkrishna Industries Ltd

About

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)

  • Market Cap 26,834 Cr.
  • Current Price 1,388
  • High / Low 1,515 / 678
  • Stock P/E 30.1
  • Book Value 260
  • Dividend Yield 1.44 %
  • 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 growth of 4.84% over past five years.
  • Tax rate seems low

Peer comparison

Sector: Tyres Industry: Tyres

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020
1,114 1,106 1,232 1,362 1,325 1,206 1,351 1,193 1,071 1,160 1,357 929
810 816 936 1,005 993 905 1,031 926 804 819 985 698
Operating Profit 305 290 296 358 333 301 320 268 267 341 373 231
OPM % 27% 26% 24% 26% 25% 25% 24% 22% 25% 29% 27% 25%
Other Income 82 78 84 82 91 1 40 72 81 30 66 33
Interest 3 2 3 3 2 2 2 2 2 2 2 2
Depreciation 78 80 78 84 83 83 82 84 91 95 98 100
Profit before tax 307 286 298 352 338 216 276 254 256 275 339 162
Tax % 34% 34% 35% 35% 34% 33% 33% 31% -14% 20% 24% 25%
Net Profit 203 190 194 230 222 145 185 176 291 221 257 122
EPS in Rs 10.50 9.80 10.02 11.91 11.50 7.48 9.56 9.10 15.05 11.42 13.31 6.30
Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes

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 4,518
1,055 1,017 1,655 2,313 2,525 2,681 3,040 2,381 2,596 3,340 3,932 3,531 3,306
Operating Profit 164 334 279 506 665 894 736 838 1,132 1,108 1,312 1,251 1,212
OPM % 13% 25% 14% 18% 21% 25% 19% 26% 30% 25% 25% 26% 27%
Other Income 38 62 91 3 4 14 279 149 250 336 214 249 210
Interest 38 19 21 28 26 25 47 40 21 14 11 9 8
Depreciation 57 66 74 83 108 165 240 282 304 311 333 368 384
Profit before tax 108 311 275 398 535 718 728 665 1,056 1,118 1,183 1,123 1,031
Tax % 35% 33% 33% 33% 34% 32% 33% 34% 32% 34% 34% 16%
Net Profit 70 209 186 269 356 488 489 439 716 739 782 945 891
EPS in Rs 3.53 10.67 9.49 13.77 18.28 25.10 25.05 21.89 36.46 38.24 40.46 48.89 46.08
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:-11%
Compounded Profit Growth
10 Years:16%
5 Years:13%
3 Years:12%
TTM:22%
Stock Price CAGR
10 Years:34%
5 Years:33%
3 Years:19%
1 Year:65%
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
19 19 19 19 19 19 19 19 19 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
Borrowings 473 464 607 1,673 2,074 2,350 2,358 1,880 1,361 835 830 863
332 447 659 362 495 639 665 720 843 914 921 840
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
535 615 687 828 1,278 2,329 2,415 2,858 2,849 2,849 2,786 3,277
CWIP 75 59 44 450 946 476 634 231 110 118 585 586
Investments 32 81 32 32 33 427 445 866 1,350 1,103 1,083 1,063
631 817 1,334 1,805 1,733 1,642 1,821 1,426 1,448 1,774 1,975 1,806
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

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

Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020
58.30 58.30 58.30 58.30 58.30 58.30 58.30 58.30 58.30 58.30 58.30 58.30
17.77 17.65 15.78 14.32 12.59 11.46 10.63 11.17 11.68 11.93 12.99 11.52
11.26 10.97 12.45 12.91 13.58 15.03 15.95 15.94 17.49 17.80 17.78 18.97
12.67 13.08 13.47 14.48 15.54 15.21 15.13 14.59 12.53 11.97 10.94 11.21

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