Balkrishna Industries Q4FY14 operating performance was better than estimate on account of higher than expected volume growth at 19.8% during the quarter. Strong topline led to a 450bps YoY improvement in EBITDA margins to 25.8% with EBITDA for the quarter.
Gandhi Special Tubes Limited is engaged in manufacturing and marketing of welded and seamless steel tubes of different sizes and specifications and cold formed Coupling Nuts
Q3FY15 Recommendation: Maintain hold on Alembic PharmaIndiaNotes.com
For the quarter, Alembic Pharma reported muted sales growth of 4.6% yoy to Rs 497 cr, below than the street expectations of Rs 561cr on account of (1) discontinuation of low margin products in international markets (2) Failure to gain expected market share in newly launched products (3) Price erosion due to higher competition in existing products (4) Lower growth in domestic portfolio because of high base effect in Q3FY14. However, it still could manage to sustain its healthy EBITDA margins at 21.2% as compared to 19.8% in Q2FY15/21.7% in Q3FY14. The management has reiterated its earlier guidance of 100-125 bps improvement in margins for next 3-4 years to take the margins to 23-24% levels. Alembic Pharma is awaiting its USFDA inspection this year for both its formulations as well as API facilities.
DB Corp’s 1QFY15 proforma PAT grew 4% YoY to INR791m vs our estimate of INR771m. While print ad revenue was 4% below estimate, EBITDA/PAT were 3-4% above estimate led by lower RM cost and other expenses.; buy.
Financial analysis assignment: Analyzing the Business Strategies of Various C...Total Assignment Help
The major part of operations as discussed in this financial analysis assignment of
Woolworth's Limited is in Australia and New Zealand. The company belongs to consumer goods
industry (Woolworth's, 2019)
Cipla Q2 disappoints, gearing up for strong H2FY15EIndiaNotes.com
Valuation‐Expect strong H2FY15E to overcome shortfall in sales and EBITDA, Maintain ‘Accumulate’, retain TP Rs643: Management maintains guidance for mid‐teen sales growth and 21‐22% Ebitda margin in FY15E. Cipla expects growth in sales and EBITDA in H2FY15E due to (a)rise in EU sales, (b)tender offer for respiratory drugs in South Africa and (c)large institutional offtake following capaicty utilisation improvements in will drive exports, while maintaining mid‐ teen growth in domestic formulaitons. The company however expects strong growth in EU from respiratory drugs in 12‐18 months folllowing registrations from local market regulators. We maintain ‘BUY’ and retain TP at Rs643.
PI Industries: Another strong performance; Sales up 16% in Q1FY15IndiaNotes.com
PI Industries posted strong quarter with 16% growth in sales for the quarter. However, key highlight of the quarter is improvement in margins which has moved up by ~348 up yoy and ~859 bps qoq. Hold for a target of Rs465.
Gandhi Special Tubes Limited is engaged in manufacturing and marketing of welded and seamless steel tubes of different sizes and specifications and cold formed Coupling Nuts
Q3FY15 Recommendation: Maintain hold on Alembic PharmaIndiaNotes.com
For the quarter, Alembic Pharma reported muted sales growth of 4.6% yoy to Rs 497 cr, below than the street expectations of Rs 561cr on account of (1) discontinuation of low margin products in international markets (2) Failure to gain expected market share in newly launched products (3) Price erosion due to higher competition in existing products (4) Lower growth in domestic portfolio because of high base effect in Q3FY14. However, it still could manage to sustain its healthy EBITDA margins at 21.2% as compared to 19.8% in Q2FY15/21.7% in Q3FY14. The management has reiterated its earlier guidance of 100-125 bps improvement in margins for next 3-4 years to take the margins to 23-24% levels. Alembic Pharma is awaiting its USFDA inspection this year for both its formulations as well as API facilities.
DB Corp’s 1QFY15 proforma PAT grew 4% YoY to INR791m vs our estimate of INR771m. While print ad revenue was 4% below estimate, EBITDA/PAT were 3-4% above estimate led by lower RM cost and other expenses.; buy.
Financial analysis assignment: Analyzing the Business Strategies of Various C...Total Assignment Help
The major part of operations as discussed in this financial analysis assignment of
Woolworth's Limited is in Australia and New Zealand. The company belongs to consumer goods
industry (Woolworth's, 2019)
Cipla Q2 disappoints, gearing up for strong H2FY15EIndiaNotes.com
Valuation‐Expect strong H2FY15E to overcome shortfall in sales and EBITDA, Maintain ‘Accumulate’, retain TP Rs643: Management maintains guidance for mid‐teen sales growth and 21‐22% Ebitda margin in FY15E. Cipla expects growth in sales and EBITDA in H2FY15E due to (a)rise in EU sales, (b)tender offer for respiratory drugs in South Africa and (c)large institutional offtake following capaicty utilisation improvements in will drive exports, while maintaining mid‐ teen growth in domestic formulaitons. The company however expects strong growth in EU from respiratory drugs in 12‐18 months folllowing registrations from local market regulators. We maintain ‘BUY’ and retain TP at Rs643.
PI Industries: Another strong performance; Sales up 16% in Q1FY15IndiaNotes.com
PI Industries posted strong quarter with 16% growth in sales for the quarter. However, key highlight of the quarter is improvement in margins which has moved up by ~348 up yoy and ~859 bps qoq. Hold for a target of Rs465.
Long term investment: Buy Bharat Forge for target price of Rs1220IndiaNotes.com
Bharat Forge Ltd. (BFL), the flagship company of the USD2.5 billion Kalyani Group is a global provider of high performance, innovative, safety & critical components and solutions to various industries.
For the quarter, Alembic Pharma reported sales growth of 23.1% yoy to Rs 463.4 cr, marginally below expectations. EBITDA margins improved by ~285 bps yoy to 19.6%, on the back of lower raw material cost. Hold for a target of Rs359.
ING Vyasa Bank Q2FY14 Result: Maintain neutralIndiaNotes.com
ING Vysya Bank’s (VYSB) 2QFY15 PAT was 9% above estimate at INR1.8b (+2% YoY) led by better-than-expected NIM (+10bp) and lower provisioning. Reported NIM improved 17bp QoQ to 3.54%. However, adjusted for interest reversal on account of stressed accounts in 1QFY15, NIM was stable QoQ at 3.54%.
A thorough analysis of company , industry and economy goes behind our stock ideas for you. With these picks, you may earn superior returns over a medium to long term period. Visit https://simplehai.axisdirect.in/share-stock-prices/nse/Ashok-Leyland-Ltd-31
Entertainment Network Ltd: Stock Price & Q4 Results Of Entertainment Network ...hdfcsecurities1
Entertainment Network Limited: Check out the institutional research report of Q4 result of Entertainment Network Ltd. ENIL’s 4QFY18 was in-line but muted. Revenue declined 3.7% YoY owing to high base and cut in ad volumes.
Hindustan Zinc: Still lot of juice left; buyIndiaNotes.com
Hindustan Zinc reported Q1FY15 earnings below our expectation on account of lower‐than‐expected volumes and higher than expected costs. We expect company to recoup the volumes lost in H2FY15 on the back of ramp‐up of output in underground mines.
Similar to Balkrishna Industries Q4FY14 results better than estimates, buy - Prabhudas Lilladher (20)
Exploring Abhay Bhutada’s Views After Poonawalla Fincorp’s Collaboration With...beulahfernandes8
The financial landscape in India has witnessed a significant development with the recent collaboration between Poonawalla Fincorp and IndusInd Bank.
The launch of the co-branded credit card, the IndusInd Bank Poonawalla Fincorp eLITE RuPay Platinum Credit Card, marks a major milestone for both entities.
This strategic move aims to redefine and elevate the banking experience for customers.
how to sell pi coins effectively (from 50 - 100k pi)DOT TECH
Anywhere in the world, including Africa, America, and Europe, you can sell Pi Network Coins online and receive cash through online payment options.
Pi has not yet been launched on any exchange because we are currently using the confined Mainnet. The planned launch date for Pi is June 28, 2026.
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An individual who buys coins from miners on the pi network and resells them to investors hoping to hang onto them until the mainnet is launched is known as a pi merchant.
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Introduction to Indian Financial System ()Avanish Goel
The financial system of a country is an important tool for economic development of the country, as it helps in creation of wealth by linking savings with investments.
It facilitates the flow of funds form the households (savers) to business firms (investors) to aid in wealth creation and development of both the parties
US Economic Outlook - Being Decided - M Capital Group August 2021.pdfpchutichetpong
The U.S. economy is continuing its impressive recovery from the COVID-19 pandemic and not slowing down despite re-occurring bumps. The U.S. savings rate reached its highest ever recorded level at 34% in April 2020 and Americans seem ready to spend. The sectors that had been hurt the most by the pandemic specifically reduced consumer spending, like retail, leisure, hospitality, and travel, are now experiencing massive growth in revenue and job openings.
Could this growth lead to a “Roaring Twenties”? As quickly as the U.S. economy contracted, experiencing a 9.1% drop in economic output relative to the business cycle in Q2 2020, the largest in recorded history, it has rebounded beyond expectations. This surprising growth seems to be fueled by the U.S. government’s aggressive fiscal and monetary policies, and an increase in consumer spending as mobility restrictions are lifted. Unemployment rates between June 2020 and June 2021 decreased by 5.2%, while the demand for labor is increasing, coupled with increasing wages to incentivize Americans to rejoin the labor force. Schools and businesses are expected to fully reopen soon. In parallel, vaccination rates across the country and the world continue to rise, with full vaccination rates of 50% and 14.8% respectively.
However, it is not completely smooth sailing from here. According to M Capital Group, the main risks that threaten the continued growth of the U.S. economy are inflation, unsettled trade relations, and another wave of Covid-19 mutations that could shut down the world again. Have we learned from the past year of COVID-19 and adapted our economy accordingly?
“In order for the U.S. economy to continue growing, whether there is another wave or not, the U.S. needs to focus on diversifying supply chains, supporting business investment, and maintaining consumer spending,” says Grace Feeley, a research analyst at M Capital Group.
While the economic indicators are positive, the risks are coming closer to manifesting and threatening such growth. The new variants spreading throughout the world, Delta, Lambda, and Gamma, are vaccine-resistant and muddy the predictions made about the economy and health of the country. These variants bring back the feeling of uncertainty that has wreaked havoc not only on the stock market but the mindset of people around the world. MCG provides unique insight on how to mitigate these risks to possibly ensure a bright economic future.
Poonawalla Fincorp and IndusInd Bank Introduce New Co-Branded Credit Cardnickysharmasucks
The unveiling of the IndusInd Bank Poonawalla Fincorp eLITE RuPay Platinum Credit Card marks a notable milestone in the Indian financial landscape, showcasing a successful partnership between two leading institutions, Poonawalla Fincorp and IndusInd Bank. This co-branded credit card not only offers users a plethora of benefits but also reflects a commitment to innovation and adaptation. With a focus on providing value-driven and customer-centric solutions, this launch represents more than just a new product—it signifies a step towards redefining the banking experience for millions. Promising convenience, rewards, and a touch of luxury in everyday financial transactions, this collaboration aims to cater to the evolving needs of customers and set new standards in the industry.
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There is no set date for when Pi coins will enter the market.
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The rate at which pi will be listed is practically unknown. But due to speculations surrounding it the predicted rate is tends to be from 30$ — 50$.
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Tele-gram.
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Turin Startup Ecosystem 2024 - Ricerca sulle Startup e il Sistema dell'Innov...Quotidiano Piemontese
Turin Startup Ecosystem 2024
Una ricerca de il Club degli Investitori, in collaborazione con ToTeM Torino Tech Map e con il supporto della ESCP Business School e di Growth Capital
How to get verified on Coinbase Account?_.docxBuy bitget
t's important to note that buying verified Coinbase accounts is not recommended and may violate Coinbase's terms of service. Instead of searching to "buy verified Coinbase accounts," follow the proper steps to verify your own account to ensure compliance and security.
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I will leave the telegram contact of my personal pi merchant to trade pi coins with.
@Pi_vendor_247
1.
Balkrishna Industries
Results above estimates; outlook encouraging
May 20, 2014
PrabhudasLilladher Pvt. Ltd. and/or its associates (the 'Firm') does and/or seeks to do business with companies covered in its research reports. As a result investors should be aware that the
Firm may have a conflict of interest that could affect the objectivity of the report. Investors should consider this report as only a single factor in making their investment decision.
Please refer to important disclosures and disclaimers at the end of the report
Q4FY14 Result Update
Surjit Arora
surjitarora@plindia.com
+91‐22‐66322235
Hussain Kagzi
hussainkagzi@plindia.com
+91‐22‐66322242
Rating Accumulate
Price Rs568
Target Price Rs630
Implied Upside 10.9%
Sensex 24,377
Nifty 7,276
(Prices as on May 20, 2014)
Trading data
Market Cap. (Rs bn) 54.9
Shares o/s (m) 96.7
3M Avg. Daily value (Rs m) 174.2
Major shareholders
Promoters 58.30%
Foreign 11.00%
Domestic Inst. 16.74%
Public & Other 13.96%
Stock Performance
(%) 1M 6M 12M
Absolute 12.2 100.8 109.3
Relative 4.5 82.7 88.8
How we differ from Consensus
EPS (Rs) PL Cons. % Diff.
2015 57.6 56.1 2.7
2016 66.3 64.1 3.4
Price Performance (RIC: BLKI.BO, BB: BIL IN)
Source: Bloomberg
100
200
300
400
500
600
700
May‐13
Jul‐13
Sep‐13
Nov‐13
Jan‐14
Mar‐14
May‐14
(Rs)
Balkrishna Industries (BIL’s) Q4FY14 operating performance was better than our
estimate on account of higher than expected volume growth at 19.8% during the
quarter. Strong topline led to a 450bps YoY improvement in EBITDA margins to
25.8% with EBITDA for the quarter increasing by 61.5% YoY to Rs2.68bn (PLe‐
Rs2.52bn). Given the strong balance sheet, with ROEs in excess of 20% and strong
free cash flow in FY15E and FY16E, we maintain our ‘Accumulate’ rating on the
stock. The stock is currently trading at 5.6x FY16E EV/EBITDA and 8.6x FY16E EPS,
at a ~26% discount to Titan International. Given the superior ROEs and earnings
CAGR of ~15.0%, we assign a 1yr fwd P/E multiple of 9.5x FY16E earnings (@ 20%
discount to Titan International) to arrive at our TP of Rs630/share.
Adj. Profit grew by 85.6% YoY led by strong operational performance: BIL
reported a growth of 33.0% in its top‐line at Rs10.4bn (PLe: Rs10.0bn), mainly
on account of 19.8% increase in volume to 40,823 tonnes. Recipe cost/kg in the
current quarter declined by 5.5% YoY to Rs118.5/kg on account of lower natural
rubber cost. As a result, raw material/sales ratio declined by 800bps YoY. This
was partially negated by 390bps YoY increase in other expenses. As a result,
EBITDA margins expanded by 450bps to 25.8%. This resulted in a 61.5% YoY
increase in EBITDA to Rs2.7bn (PLe‐Rs2.5bn). On account of strong operating
performance, PAT grew by 85.6% YoY to Rs1.5bn ahead of our estimate of
Rs1.3bn.
Contd…2
Key financials (Y/e March) 2013 2014 2015E 2016E
Revenues (Rs m) 31,906 35,767 41,375 48,326
Growth (%) 13.1 12.1 15.7 16.8
EBITDA (Rs m) 6,645 8,937 10,534 12,235
PAT (Rs m) 3,559 4,877 5,571 6,409
EPS (Rs) 36.8 50.5 57.6 66.3
Growth (%) 32.5 37.0 14.2 15.0
Net DPS (Rs) 1.6 2.0 3.0 4.0
Profitability & Valuation 2013 2014 2015E 2016E
EBITDA margin (%) 20.8 25.0 25.5 25.3
RoE (%) 28.5 29.5 25.8 23.3
RoCE (%) 11.8 12.9 13.2 14.6
EV / sales (x) 2.3 2.2 1.8 1.4
EV / EBITDA (x) 11.0 8.9 7.2 5.6
PE (x) 15.4 11.3 9.9 8.6
P / BV (x) 3.9 2.9 2.3 1.8
Net dividend yield (%) 0.3 0.4 0.5 0.7
Source: Company Data; PL Research
2.
May 20, 2014 2
Balkrishna Industries
Concall highlights – Refinancing of ECBs to save Rs100‐120m of interest cost:
Management indicated refinancing of $100m ECB at LIBOR + 20bps, whereas the
$175mn ECB has been refinanced at a lower rate at 2.1‐2.2% as against 3%
earlier. The above would lead to a savings in the interest cost to the tune of
Rs100‐120m/ year. Management maintained its volume guidance of 160,000 –
165,000 MT for FY15E and 200,000 MT for FY16E. Management sounded
positive on the demand outlook for both, agricultural as well as industrial
segment (construction and mining) across geographies.
Euro revenues hedged at Rs87/€ in FY15E as against Rs75/€ in FY14: BIL have
locked in an average rate of Rs87/€ for FY15 as against Rs75/€ in FY14. Hence,
the recent currency appreciation (Rs80/€) would not have any impact on the
profitability of the company. At the same time, on account of correction in the
raw material prices (esp. Natural Rubber), they have taken a price cut of 4‐5% in
Apr’14. Despite this, management sounded confident on maintaining the
EBITDA margins at 25‐26% range as they would enjoy higher realisations on
account of currency hedges.
Outlook and Valuation: Balakrishna Industries (BIL) has built a substantive
export business in off‐highway‐tyres (OHT), a niche area, where it enjoys a
global market share of ~4%. BKT generates 90% of its revenues from exports. By
offering an extensive variety of OHTs (2,000+ SKUs) at prices 25‐30% lower than
the global majors (Michelin, Bridgestone), BKT has leveraged India’s low‐cost
manufacturing capabilities to a great effect. Given the strong balance sheet,
with ROEs in excess of 20% and strong free cash flow in FY15E and FY16E, we
maintain our ‘Accumulate’ rating on the stock. The stock is currently trading at
5.6x FY16E EV/EBITDA and 8.6x FY16E EPS, at a ~26% discount to Titan
International.
3.
May 20, 2014 3
Balkrishna Industries
Exhibit 1: Q4FY14 Result Overview (Rs m)
Y/e March Q4FY14 Q4FY13 YoY gr. (%) Q3FY14 FY14 FY13 YoY gr. (%)
Net Sales 10,306 7,740 (1.6) 8,673 35,357 31,731 11.4
Other Operating Income 62 53 182.5 171 410 175 134.5
Total 10,368 7,793 33.0 8,844 35,767 31,906 12.1
Expenditure
Raw Material 4,839 4,273 (12.9) 4,104 17,210 17,910 (3.9)
% of Net Sales 46.9 55.2 47.3 48.7 56.4
Salaries & Wages 407 314 55.9 360 1,386 1,075 28.9
% of Net Sales 3.9 4.1 4.2 3.9 3.4
Power and Fuel 331 262 5.5 285 1,170 1,153 1.4
% of Net Sales 3.2 3.4 3.3 3.3 3.6
Other Exp. 2,113 1,285 (11.4) 1,806 7,064 5,124 37.9
% of Net Sales 20.5 16.6 20.8 20.0 16.1
Total Expenditure 7,690 6,134 6,555 26,830 25,262
EBITDA 2,679 1,659 61.5 2,289 8,938 6,644 34.5
EBITDA Margin (%) 25.8 21.3 26.4 25.0 20.8
Depreciation 479 321 49.0 425 1,650 1,077 53.2
Net Exchange Difference (Gain)/Loss (21) (32) ‐ (5) 57
Net interest 99 35 185.1 59 255 200 27.7
Non Operative Income 31 11 193.4 52 138 42 229.5
Exceptional
PBT 2,153 1,345 60.0 1,857 7,175 5,352 34.1
Tax Total 611 494 23.7 619 2,293 1,794 27.9
Tax Rate‐Total (%) 28.4 36.7 33.3 32.0 33.5
Rep.PAT 1,542 851 81.1 1,238 4,882 3,558 37.2
Extraordinary Expenses (21) (32) ‐ (5) 57
Adj. profit 1,521 819 85.6 1,238 4,877 3,615 34.9
Operating Metrics
Sale Tonnage (MT) 40,823 34,061 19.9 33,901 142,810 138,339 3.2
Realisation in Rs per Kg 254 227 11.8 261 250 231 8.6
Recipe (RM) cost in Rs per Kg 119 125 (5.5) 121 121 129 (6.9)
EBITDA per kg 66 49 34.7 68 63 48 30.3
Source: xxx
4.
May 20, 2014 4
Balkrishna Industries
Income Statement (Rs m)
Y/e March 2013 2014 2015E 2016E
Net Revenue 31,906 35,767 41,375 48,326
Raw Material Expenses 17,910 17,210 20,256 23,770
Gross Profit 13,996 18,557 21,119 24,556
Employee Cost 1,075 1,386 1,597 1,831
Other Expenses 6,277 8,234 8,988 10,490
EBITDA 6,645 8,937 10,534 12,235
Depr. & Amortization 1,077 1,650 2,100 2,500
Net Interest 200 255 420 500
Other Income 42 138 300 330
Profit before Tax 5,410 7,170 8,314 9,565
Total Tax 1,794 2,293 2,744 3,156
Profit after Tax 3,617 4,877 5,571 6,409
Ex‐Od items / Min. Int. (57) 10 — —
Adj. PAT 3,559 4,877 5,571 6,409
Avg. Shares O/S (m) 96.7 96.7 96.7 96.7
EPS (Rs.) 36.8 50.5 57.6 66.3
Cash Flow Abstract (Rs m)
Y/e March 2013 2014 2015E 2016E
C/F from Operations 5,501 5,111 6,525 6,812
C/F from Investing (9,594) (7,277) (2,000) (500)
C/F from Financing 3,181 (399) (3,996) (3,606)
Inc. / Dec. in Cash (911) (2,564) 529 2,705
Opening Cash 3,574 2,663 99 627
Closing Cash 2,663 99 627 3,333
FCFF (164) 1,256 1,522 3,316
FCFE 3,848 5,086 (1,978) (1,184)
Key Financial Metrics
Y/e March 2013 2014 2015E 2016E
Growth
Revenue (%) 13.1 12.1 15.7 16.8
EBITDA (%) 31.3 34.5 17.9 16.1
PAT (%) 32.5 37.0 14.2 15.0
EPS (%) 32.5 37.0 14.2 15.0
Profitability
EBITDA Margin (%) 20.8 25.0 25.5 25.3
PAT Margin (%) 11.2 13.6 13.5 13.3
RoCE (%) 11.8 12.9 13.2 14.6
RoE (%) 28.5 29.5 25.8 23.3
Balance Sheet
Net Debt : Equity 1.3 1.3 0.8 0.4
Net Wrkng Cap. (days) 78 89 79 80
Valuation
PER (x) 15.4 11.3 9.9 8.6
P / B (x) 3.9 2.9 2.3 1.8
EV / EBITDA (x) 11.0 8.9 7.2 5.6
EV / Sales (x) 2.3 2.2 1.8 1.4
Earnings Quality
Eff. Tax Rate 33.2 32.0 33.0 33.0
Other Inc / PBT 0.8 1.9 3.6 3.5
Eff. Depr. Rate (%) 6.0 7.6 8.0 8.2
FCFE / PAT 108.1 104.3 (35.5) (18.5)
Source: Company Data, PL Research.
Balance Sheet Abstract (Rs m)
Y/e March 2013 2014 2015E 2016E
Shareholder's Funds 14,190 18,826 24,304 30,602
Total Debt 20,744 24,574 21,074 16,574
Other Liabilities 999 1,000 1,100 1,100
Total Liabilities 35,932 44,400 46,478 48,276
Net Fixed Assets 22,232 28,058 27,958 25,458
Goodwill — — — —
Investments 329 4,265 4,265 4,265
Net Current Assets 13,370 12,077 14,255 18,553
Cash & Equivalents 2,663 98 628 3,333
Other Current Assets 15,228 16,320 18,218 20,469
Current Liabilities 4,520 4,341 4,591 5,249
Other Assets — — — —
Total Assets 35,932 44,400 46,478 48,276
Quarterly Financials (Rs m)
Y/e March Q1FY14 Q2FY14 Q3FY14 Q4FY14
Net Revenue 8,159 8,396 8,844 10,368
EBITDA 1,787 2,024 2,289 2,679
% of revenue 21.9 24.1 25.9 25.8
Depr. & Amortization 353 393 425 479
Net Interest (128) 5 7 68
Other Income 171 44 52 31
Profit before Tax 1,548 1,619 1,857 2,153
Total Tax 524 524 619 611
Profit after Tax 1,024 1,095 1,238 1,542
Adj. PAT 1,038 1,095 1,238 1,521
Source: Company Data, PL Research.
5.
May 20, 2014 5
Balkrishna Industries
Prabhudas Lilladher Pvt. Ltd.
3rd Floor, Sadhana House, 570, P. B. Marg, Worli, Mumbai‐400 018, India
Tel: (91 22) 6632 2222 Fax: (91 22) 6632 2209
Rating Distribution of Research Coverage
26.2%
52.4%
21.4%
0.0%
0%
10%
20%
30%
40%
50%
60%
BUY Accumulate Reduce Sell
% of Total Coverage
PL’s Recommendation Nomenclature
BUY : Over 15% Outperformance to Sensex over 12‐months Accumulate : Outperformance to Sensex over 12‐months
Reduce : Underperformance to Sensex over 12‐months Sell : Over 15% underperformance to Sensex over 12‐months
Trading Buy : Over 10% absolute upside in 1‐month Trading Sell : Over 10% absolute decline in 1‐month
Not Rated (NR) : No specific call on the stock Under Review (UR) : Rating likely to change shortly
This document has been prepared by the Research Division of Prabhudas Lilladher Pvt. Ltd. Mumbai, India (PL) and is meant for use by the recipient only as
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