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Dolat Capital Report
Balkrishna Industries Ltd. surprised with strong volume growth and margin expansion in Q2 FY21.
While revenue grew 47.4% YoY (led by 35.5% volume growth and 9% average selling price) to Rs 15.78 billion, Ebitda jumped 101% to Rs 5.37 billion driven by 900 basis points expansion in reported margins at 34%.
Management stated that retail sales are strong across regions led by strong demand for agriculture tyres. Channel inventory is lower than normal.
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