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Motilal Oswal Report
Balkrishna Industries Ltd.’s Q1 FY22 performance was driven by strong demand tailwinds across geographies and segments, leading to its highest ever volumes.
Strong economic activity, increased government spending on infrastructure, and supporting underlying commodity prices augurs well for demand for both agri and off-the-road tyres.
Revenue grew 4.5% QoQ to Rs 18.3 billion in Q1 FY22.
Ebitda/adjusted profit after tax declined by 3%/4% QoQ to Rs 5.3 billion/Rs 3.58 billion.
Gross margin contracted by 160 basis point QoQ (387 basis points YoY) to 57.2%.
Ebitda margin contracted by 230 bps QoQ (up 300 bps YoY) to 28.9% due to higher logistics cost (90 bps impact).
Balkrishna Industries declared its first interim dividend of Rs 4/share for FY22.
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