Balkrishna Industries Ltd

₹ 2,291 0.59%
03 Feb - close price
bkt-tires.com BSE: 502355 NSE : BALKRISIND
About

Balkrishna Industries Limited (BKT) started its Off-Highway tyre 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]

Website BSE NSE
  • Market Cap ₹ 44,295 Cr.
  • Current Price ₹ 2,291
  • High / Low ₹ 2,451 / 1,682
  • Stock P/E 31.6
  • Book Value ₹ 393
  • Dividend Yield 0.70 %
  • ROCE 23.8 %
  • ROE 21.9 %
  • Face Value ₹ 2.00
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Pros

  • Company is expected to give good quarter
  • Company has been maintaining a healthy dividend payout of 35.3%

Cons

  • Company might be capitalizing the interest cost

* 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

Consolidated Figures in Rs. Crores / View Standalone

Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022
1,084 1,156 1,372 943 1,578 1,509 1,753 1,803 2,072 2,046 2,374 2,619 2,658
811 810 988 702 1,038 1,030 1,203 1,292 1,534 1,589 1,871 2,175 2,231
Operating Profit 273 346 384 240 540 480 550 511 538 457 503 444 426
OPM % 25% 30% 28% 26% 34% 32% 31% 28% 26% 22% 21% 17% 16%
81 31 65 36 20 55 61 82 133 113 109 106 227
Interest 2 2 2 3 4 2 3 2 2 2 3 3 5
Depreciation 92 96 101 102 104 105 106 107 111 118 120 129 137
Profit before tax 260 278 346 172 452 428 503 484 558 450 490 417 511
Tax % -13% 20% 24% 24% 25% 24% 24% 32% 30% 25% 24% 26% 25%
Net Profit 294 224 265 132 341 325 380 331 391 339 375 307 382
EPS in Rs 15.22 11.58 13.69 6.81 17.64 16.82 19.65 17.10 20.23 17.53 19.39 15.88 19.77
Raw PDF

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 TTM
2,130 3,014 3,390 3,768 3,813 3,237 3,723 4,444 5,210 4,811 5,783 8,295 9,697
1,835 2,502 2,721 2,878 3,086 2,371 2,592 3,341 3,904 3,537 3,972 6,286 7,867
Operating Profit 295 512 669 890 727 866 1,131 1,103 1,306 1,274 1,811 2,009 1,830
OPM % 14% 17% 20% 24% 19% 27% 30% 25% 25% 26% 31% 24% 19%
92 4 5 14 277 131 254 340 215 250 171 438 555
Interest 22 29 28 27 48 40 22 15 12 11 12 9 12
Depreciation 77 86 112 170 244 282 304 311 333 374 416 455 504
Profit before tax 288 400 534 706 713 674 1,059 1,116 1,177 1,140 1,555 1,982 1,869
Tax % 32% 33% 34% 33% 34% 34% 32% 34% 34% 16% 24% 28%
Net Profit 195 269 350 475 473 446 717 736 774 960 1,178 1,435 1,403
EPS in Rs 10.06 13.91 18.10 24.55 24.45 23.06 37.08 38.06 40.02 49.64 60.91 74.25 72.57
Dividend Payout % 7% 5% 4% 4% 5% 12% 11% 21% 20% 40% 28% 38%
Compounded Sales Growth
10 Years: 11%
5 Years: 17%
3 Years: 17%
TTM: 36%
Compounded Profit Growth
10 Years: 18%
5 Years: 17%
3 Years: 23%
TTM: -2%
Stock Price CAGR
10 Years: 32%
5 Years: 17%
3 Years: 28%
1 Year: 0%
Return on Equity
10 Years: 20%
5 Years: 19%
3 Years: 20%
Last Year: 22%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Sep 2022
19 19 19 19 19 19 19 39 39 39 39 39 39
Reserves 842 1,091 1,424 1,876 2,257 2,756 3,524 4,045 4,615 4,970 5,961 6,894 7,556
621 1,709 2,164 2,439 2,358 1,898 1,391 867 871 932 1,001 2,529 3,173
692 392 544 688 685 725 855 927 954 866 1,166 1,517 1,603
Total Liabilities 2,175 3,212 4,151 5,021 5,318 5,398 5,789 5,878 6,479 6,806 8,166 10,979 12,370
725 873 1,335 2,389 2,415 2,859 2,849 2,849 2,786 3,308 3,370 4,019 4,746
CWIP 56 477 1,013 565 634 231 110 119 600 587 856 1,258 1,282
Investments 14 2 3 370 444 836 1,349 1,103 1,083 1,062 1,418 1,897 1,864
1,380 1,859 1,800 1,697 1,825 1,473 1,481 1,808 2,010 1,850 2,523 3,805 4,478
Total Assets 2,175 3,212 4,151 5,021 5,318 5,398 5,789 5,878 6,479 6,806 8,166 10,979 12,370

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
73 76 549 602 984 1,072 847 750 820 1,173 1,339 908
-171 -688 -1,011 -1,230 -435 -552 -563 -92 -636 -678 -1,173 -1,897
105 970 370 365 -130 -625 -589 -654 -165 -495 -158 980
Net Cash Flow 7 358 -92 -263 419 -105 -306 4 20 1 8 -9

Ratios

Consolidated Figures in Rs. Crores / View Standalone

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 58 59 56 59 56 43 40 39 36 45 48 48
Inventory Days 116 100 88 114 76 102 110 105 113 105 148 162
Days Payable 35 44 53 82 74 88 87 70 58 65 103 80
Cash Conversion Cycle 139 115 91 91 58 58 64 75 92 84 93 130
Working Capital Days 107 110 94 90 37 -8 19 76 74 66 70 86
ROCE % 23% 20% 17% 18% 17% 15% 20% 22% 22% 17% 24% 24%

Shareholding Pattern

Numbers in percentages

2 recently
Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022
58.30 58.30 58.30 58.30 58.30 58.30 58.30 58.29 58.29 58.29 58.30 58.30
11.93 12.99 11.52 15.54 14.40 15.18 15.42 15.07 14.05 14.30 12.96 12.45
17.80 17.78 18.97 14.96 14.60 14.09 12.56 11.59 11.78 11.17 18.81 20.12
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.10 0.10
11.97 10.94 11.21 11.20 12.71 12.44 13.73 15.05 15.87 16.24 9.84 9.03

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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