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 43,350 Cr.
  • Current Price 2,242
  • High / Low 2,323 / 1,216
  • Stock P/E 37.3
  • Book Value 310
  • Dividend Yield 0.76 %
  • ROCE 23.9 %
  • ROE 21.1 %
  • Face Value 2.00

Pros

  • Company has been maintaining a healthy dividend payout of 29.39%

Cons

  • Stock is trading at 7.23 times its book value

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 Mar 2021
1,348 1,311 1,198 1,356 1,199 1,084 1,156 1,372 943 1,578 1,509 1,753
995 990 892 1,034 931 811 810 988 702 1,038 1,030 1,203
Operating Profit 352 321 305 322 268 273 346 384 240 540 480 550
OPM % 26% 24% 26% 24% 22% 25% 30% 28% 26% 34% 32% 31%
Other Income 83 92 3 41 74 81 31 65 36 20 55 61
Interest 4 3 2 2 2 2 2 2 3 4 2 3
Depreciation 84 83 83 82 85 92 96 101 102 104 105 106
Profit before tax 348 327 222 278 255 260 278 346 172 452 428 503
Tax % 35% 36% 32% 33% 31% -13% 20% 24% 24% 25% 24% 24%
Net Profit 225 210 151 186 177 294 224 265 132 341 325 380
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 19.65

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
1,526 2,130 3,014 3,390 3,768 3,813 3,237 3,723 4,444 5,210 4,811 5,783
1,178 1,835 2,502 2,721 2,878 3,086 2,413 2,592 3,341 3,907 3,538 3,972
Operating Profit 348 295 512 669 890 727 823 1,131 1,103 1,303 1,273 1,811
OPM % 23% 14% 17% 20% 24% 19% 25% 30% 25% 25% 26% 31%
Other Income 66 92 4 5 14 277 173 254 340 218 251 172
Interest 19 22 29 28 27 48 40 22 15 12 11 12
Depreciation 69 77 86 112 170 244 282 304 311 333 374 416
Profit before tax 326 288 400 534 706 713 674 1,059 1,116 1,177 1,140 1,555
Tax % 33% 32% 33% 34% 33% 34% 34% 32% 34% 34% 16% 24%
Net Profit 219 195 269 350 475 473 446 717 736 774 960 1,178
EPS in Rs 11.32 10.06 13.91 18.10 24.55 24.45 23.06 37.08 38.06 40.02 49.64 60.91
Dividend Payout % 6% 7% 5% 4% 4% 5% 12% 11% 21% 20% 40% 28%
Compounded Sales Growth
10 Years:11%
5 Years:12%
3 Years:9%
TTM:20%
Compounded Profit Growth
10 Years:20%
5 Years:21%
3 Years:18%
TTM:41%
Stock Price CAGR
10 Years:40%
5 Years:46%
3 Years:27%
1 Year:79%
Return on Equity
10 Years:20%
5 Years:19%
3 Years:19%
Last Year:21%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
19 19 19 19 19 19 19 19 39 39 39 39
Reserves 662 842 1,091 1,424 1,876 2,257 2,756 3,524 4,045 4,615 4,970 5,961
Borrowings 478 621 1,709 2,164 2,439 2,358 1,898 1,391 867 871 932 1,001
476 692 392 544 688 685 725 855 927 954 866 1,166
Total Liabilities 1,635 2,175 3,212 4,151 5,021 5,318 5,398 5,789 5,878 6,479 6,806 8,166
647 725 873 1,335 2,389 2,415 2,859 2,849 2,849 2,786 3,308 3,370
CWIP 69 56 477 1,013 565 634 231 110 119 600 587 856
Investments 62 14 2 3 370 444 836 1,349 1,103 1,083 1,062 1,418
859 1,380 1,859 1,800 1,697 1,825 1,473 1,481 1,808 2,010 1,850 2,523
Total Assets 1,635 2,175 3,212 4,151 5,021 5,318 5,398 5,789 5,878 6,479 6,806 8,166

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
210 73 76 549 602 984 1,072 847 750 820 1,173 1,339
-196 -171 -688 -1,011 -1,230 -435 -552 -563 -92 -636 -678 -1,173
-20 105 970 370 365 -130 -625 -589 -654 -165 -495 -158
Net Cash Flow -6 7 358 -92 -263 419 -105 -306 4 20 1 8

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
ROCE % 33% 23% 20% 17% 18% 17% 15% 20% 22% 22% 17% 24%
Debtor Days 61 58 59 56 59 56 43 40 39 36 45 48
Inventory Turnover 4.97 4.52 4.25 4.32 3.88 4.40 3.80 3.91 4.24 3.82 3.35 3.20

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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