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ICICI Direct Report
Balkrishna Industries Ltd. reported a mixed performance in Q2 FY22. Standalone revenues at Rs 2,050 crore were up 13.1% QoQ and recorded an impressive beat.
Tonnage for the quarter was up ~6% QoQ to 72,748 million tonne. Ebitda in Q2 FY22 was at Rs 520 crore with corresponding Ebitda margins at 25.4%.
Gross margin decline was sharp at 210 basis points QoQ while other expenses also rose ~115 bps QoQ, thereby limiting the operating leverage gains.
Consequent profit after tax for the quarter came in at Rs 377 crore, up 14% QoQ. Net profitability was higher buoyed by higher other income (up 70% QoQ to Rs 133 crore) largely driven by forex gains.
Balkrishna Industries announced second interim dividend for FY22E at Rs 4/share.
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