Balkrishna Industries Ltd Share Price – NSE  /  BSE

Tyres, Mid Cap

Balkrishna Industries announced that the Board of Directors of the Company at its meeting held on 5 August 2023, inter alia, have recommended the first interim dividend of Rs 4 per equity Share (i.e. 200%) , subject to the approval of the shareholders.

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Revenue from operations declined 19.9% to Rs 2,120.02 crore in Q1 FY24 as compared with Rs 2,646.28 crore in Q1 FY23.

EBITDA fell 11% YoY to Rs 487 crore during the quarter as compared with Rs 547 crore posted in same quarter last year. EBITDA margin was at 23% in Q1 FY24 as against 20.1% in Q1 FY23.

The overall sales volumes in Q1 stood at 67,209 MT. Domestic sales stood 21,012 MT, healthy 19% growth YoY.

The company said that in Q2, there are challenges due to heat waves and recessionary fears in export markets. On a positive note, the channel inventory related challenges across the globe is unwinding. However, momentum in Domestic markets continues.

Capex spend is estimated at Rs 550-600 crore for FY24. Out of this, routine maintenance capex will be Rs. 250-300 crore. The balance will be spent towards new product development like rubber tracks, giant solid tires to widen product basket in end markets along with higher investments in brand building and marketing efforts which is required to reach market share goal of 10%.

Meanwhile, the board has declared final dividend of Rs 4 per equity share for the financial year 2023-24.

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).

The scrip fell 0.21% to Rs 2,475 on the BSE.

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Net profit of Balkrishna Industries rose 8.12% to Rs 331.88 crore in the quarter ended June 2023 as against Rs 306.96 crore during the previous quarter ended June 2022. Sales declined 17.56% to Rs 2159.35 crore in the quarter ended June 2023 as against Rs 2619.43 crore during the previous quarter ended June 2022.

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Net profit of Balkrishna Industries declined 2.33% to Rs 312.28 crore in the quarter ended June 2023 as against Rs 319.74 crore during the previous quarter ended June 2022. Sales declined 19.89% to Rs 2120.02 crore in the quarter ended June 2023 as against Rs 2646.28 crore during the previous quarter ended June 2022.

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