Balkrishna Industries Ltd

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: 25,269 Cr.
  • Current Price: 1,307
  • 52 weeks High / Low 1431.90 / 677.60
  • Book Value: 259.07
  • Stock P/E: 27.64
  • Dividend Yield: 1.53 %
  • ROCE: 16.89 %
  • ROE: 17.07 %
  • Sales Growth (3Yrs): 8.92 %
  • Listed on BSE and NSE
  • Company Website
  • Face Value: 2.00
Edit ratios
Pros:
Company has been maintaining a healthy dividend payout of 27.10%
Cons:
The company has delivered a poor growth of 4.76% over past five years.
Tax rate seems low
** Remarks:
Some businesses are provided tax benefits to encourage their development

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
1,348 1,311 1,198 1,356 1,199 1,084 1,156 1,372 943
995 990 892 1,034 931 811 810 988 702
Operating Profit 352 321 305 322 268 273 346 384 240
OPM % 26% 24% 26% 24% 22% 25% 30% 28% 26%
Other Income 83 92 3 41 74 81 31 65 36
Interest 4 3 2 2 2 2 2 2 3
Depreciation 84 83 83 82 85 92 96 101 102
Profit before tax 348 327 222 278 255 260 278 346 172
Tax % 35% 36% 32% 33% 31% -13% 20% 24% 24%
Net Profit 225 210 151 186 177 294 224 265 132
EPS in Rs 11.65 10.88 7.81 9.62 9.15 15.22 11.58 13.69 6.81
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 4,555
1,195 1,178 1,835 2,502 2,721 2,878 3,086 2,413 2,592 3,341 3,907 3,538 3,311
Operating Profit 171 348 295 512 669 890 727 823 1,131 1,103 1,303 1,273 1,244
OPM % 13% 23% 14% 17% 20% 24% 19% 25% 30% 25% 25% 26% 27%
Other Income 41 66 92 4 5 14 277 173 254 340 218 251 213
Interest 38 19 22 29 28 27 48 40 22 15 12 11 10
Depreciation 59 69 77 86 112 170 244 282 304 311 333 374 390
Profit before tax 115 326 288 400 534 706 713 674 1,059 1,116 1,177 1,140 1,057
Tax % 35% 33% 32% 33% 34% 33% 34% 34% 32% 34% 34% 16%
Net Profit 74 219 195 269 350 475 473 446 717 736 774 960 914
EPS in Rs 3.74 11.20 9.95 13.79 17.97 24.39 24.21 22.26 36.53 38.06 40.02 49.65 47.30
Dividend Payout % 16% 6% 7% 5% 4% 4% 5% 12% 11% 21% 20% 40%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:12.17%
5 Years:4.76%
3 Years:8.92%
TTM:-10.06%
Compounded Profit Growth
10 Years:14.17%
5 Years:11.79%
3 Years:8.61%
TTM:26.28%
Stock Price CAGR
10 Years:33.48%
5 Years:31.57%
3 Years:16.01%
1 Year:67.78%
Return on Equity
10 Years:20.17%
5 Years:18.08%
3 Years:17.60%
Last Year:17.07%

Balance Sheet Consolidated Figures in Rs. Crores / View Standalone

Corp Actions
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 459 662 842 1,091 1,424 1,876 2,257 2,756 3,524 4,045 4,615 4,970
Borrowings 483 478 621 1,709 2,164 2,439 2,358 1,898 1,391 867 871 932
342 476 692 392 544 688 685 725 855 927 954 866
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
564 647 725 873 1,335 2,389 2,415 2,859 2,849 2,849 2,786 3,308
CWIP 82 69 56 477 1,013 565 634 231 110 119 600 587
Investments 4 62 14 2 3 370 444 836 1,349 1,103 1,083 1,062
653 859 1,380 1,859 1,800 1,697 1,825 1,473 1,481 1,808 2,010 1,850
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

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 in percentages

Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020
54.37 58.30 58.30 58.30 58.30 58.30 58.30 58.30 58.30 58.30 58.30 58.30
18.26 17.77 17.65 15.78 14.32 12.59 11.46 10.63 11.17 11.68 11.93 12.99
12.28 11.26 10.97 12.45 12.91 13.58 15.03 15.95 15.94 17.49 17.80 17.78
15.09 12.67 13.08 13.47 14.48 15.54 15.21 15.13 14.59 12.53 11.97 10.94