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 30,925 Cr.
  • Current Price 1,600
  • High / Low 1,885 / 678
  • Stock P/E 29.1
  • Book Value 280
  • Dividend Yield 1.25 %
  • ROCE 16.9 %
  • ROE 17.1 %
  • Face Value 2.00

Pros

  • Company has been maintaining a healthy dividend payout of 27.10%

Cons

  • The company has delivered a poor sales growth of 4.76% over past five years.

Peer comparison

Sector: Tyres Industry: Tyres

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020
1,348 1,311 1,198 1,356 1,199 1,084 1,156 1,372 943 1,578 1,509
995 990 892 1,034 931 811 810 988 702 1,038 1,030
Operating Profit 352 321 305 322 268 273 346 384 240 540 480
OPM % 26% 24% 26% 24% 22% 25% 30% 28% 26% 34% 32%
Other Income 83 92 3 41 74 81 31 65 36 20 55
Interest 4 3 2 2 2 2 2 2 3 4 2
Depreciation 84 83 83 82 85 92 96 101 102 104 105
Profit before tax 348 327 222 278 255 260 278 346 172 452 428
Tax % 35% 36% 32% 33% 31% -13% 20% 24% 24% 25% 24%
Net Profit 225 210 151 186 177 294 224 265 132 341 325
EPS in Rs 11.65 10.88 7.81 9.62 9.15 15.22 11.58 13.69 6.81 17.64 16.82
Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

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
1,366 1,526 2,130 3,014 3,390 3,768 3,813 3,237 3,723 4,444 5,210 4,811 5,402
1,195 1,178 1,835 2,502 2,721 2,878 3,086 2,413 2,592 3,341 3,907 3,538 3,758
Operating Profit 171 348 295 512 669 890 727 823 1,131 1,103 1,303 1,273 1,644
OPM % 13% 23% 14% 17% 20% 24% 19% 25% 30% 25% 25% 26% 30%
Other Income 41 66 92 4 5 14 277 173 254 340 218 251 176
Interest 38 19 22 29 28 27 48 40 22 15 12 11 11
Depreciation 59 69 77 86 112 170 244 282 304 311 333 374 411
Profit before tax 115 326 288 400 534 706 713 674 1,059 1,116 1,177 1,140 1,398
Tax % 35% 33% 32% 33% 34% 33% 34% 34% 32% 34% 34% 16%
Net Profit 74 219 195 269 350 475 473 446 717 736 774 960 1,062
EPS in Rs 3.84 11.32 10.06 13.91 18.10 24.55 24.45 23.06 37.08 38.06 40.02 49.64 54.96
Dividend Payout % 16% 6% 7% 5% 4% 4% 5% 12% 11% 21% 20% 40%
Compounded Sales Growth
10 Years:12%
5 Years:5%
3 Years:9%
TTM:13%
Compounded Profit Growth
10 Years:14%
5 Years:12%
3 Years:9%
TTM:21%
Stock Price CAGR
10 Years:37%
5 Years:40%
3 Years:16%
1 Year:46%
Return on Equity
10 Years:20%
5 Years:18%
3 Years:18%
Last Year:17%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

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 459 662 842 1,091 1,424 1,876 2,257 2,756 3,524 4,045 4,615 4,970 5,376
Borrowings 483 478 621 1,709 2,164 2,439 2,358 1,898 1,391 867 871 932 887
342 476 692 392 544 688 685 725 855 927 954 866 1,019
Total Liabilities 1,303 1,635 2,175 3,212 4,151 5,021 5,318 5,398 5,789 5,878 6,479 6,806 7,321
564 647 725 873 1,335 2,389 2,415 2,859 2,849 2,849 2,786 3,308 3,310
CWIP 82 69 56 477 1,013 565 634 231 110 119 600 587 666
Investments 4 62 14 2 3 370 444 836 1,349 1,103 1,083 1,062 1,246
653 859 1,380 1,859 1,800 1,697 1,825 1,473 1,481 1,808 2,010 1,850 2,098
Total Assets 1,303 1,635 2,175 3,212 4,151 5,021 5,318 5,398 5,789 5,878 6,479 6,806 7,321

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020
287 210 73 76 549 602 984 1,072 847 750 820 1,173
-132 -196 -171 -688 -1,011 -1,230 -435 -552 -563 -92 -636 -678
-153 -20 105 970 370 365 -130 -625 -589 -654 -165 -495
Net Cash Flow 1 -6 7 358 -92 -263 419 -105 -306 4 20 1

Ratios

Consolidated Figures in Rs. Crores / View Standalone

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 % 16% 33% 23% 20% 17% 18% 17% 15% 20% 22% 22% 17%
Debtor Days 59 61 58 59 56 59 56 43 40 39 36 45
Inventory Turnover 5.27 4.97 4.52 4.25 4.32 3.88 4.40 3.80 3.91 4.24 3.82 3.35

Shareholding Pattern

Numbers in percentages

Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 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
17.65 15.78 14.32 12.59 11.46 10.63 11.17 11.68 11.93 12.99 11.52 15.54
10.97 12.45 12.91 13.58 15.03 15.95 15.94 17.49 17.80 17.78 18.97 14.96
13.08 13.47 14.48 15.54 15.21 15.13 14.59 12.53 11.97 10.94 11.21 11.20

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