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Weakest month of OHT exports since destocking started a year back Weakness in OHT exports from India intensified in Jun’23 and touched their lowest in past 2 years, down 30% YoY to USD 122mn. This was due to continued weak demand, impact of cyclone in Gujarat and deflationary pricing. A week’s production loss from the leader with an average market share of 50%, implies overall exports got hit by ~12.5% -- adjusted for which, it was largely in line with past 6-month average expo...
Add Balkrishna Industries Ltd For Target Rs.2,577 - ICICI Securities
Profitability recovers; volume to remain flat in FY24 Balkrishna Industries’ (BIL) Q1FY24 EBITDAM at 22.7% was up 240bps QoQ, driven by a combination of lower raw material basket (RMB) cost, better product mix, lower freight cost and favourable hedge rate. BIL is confident of improving its global OHT market share from ~6% now to ~10% in 4 years and would do the due capex when needed to scale up. Post inventory destocking at the dealer level in trailing four quarters, inventory is at ...
Add Balkrishna Industries Ltd For Target Rs.2,577 - ICICI Securities
Indian OHT exports improved sequentially by ~3% in May’23, though were down ~10% YoY. We believe industry would witness steep cuts YoY in Jun-Jul’23 on elevated base, post which the base would turn favourable along with inventory levels of distributors coming down to desirable levels of ~50-60 days by then. Inventory levels have already reduced from ~100 days to ~70 days currently over the past three quarters, with retails being higher than wholesales. Agri segment exports continu...
Add Balkrishna Industries Ltd For Target Rs.2,577 - ICICI Securities
Demand recovery in 2HFY24; EBITDA margin target of 26-28% We visited Balkrishna Industries’s (BIL) Bhuj plant, which is the largest single location off-highway tyre plant in the world. Built on over 450 acres of land, the plant has 200k ton capacity (of BIL’s total 360k ton), along with 200k-ton carbon black capacity and captive power generation. It has scope to further expand the capacity by another 100k-150k ton and to be the key driver in helping BIL gain 10% global market s...
Neutral Balkrishna Industries Ltd For Target Rs.2,240 - Motilal Oswal Financial Services Ltd
A quarter of consolidation is still left Post stocking up of inventory at distributor level in end markets between March and July CY22, India OHT exports have consolidated since August, facilitating de-stocking amidst steady retail demand. Size of OHT exports bottomed out in Oct’22 at ~US$130mn vs Mar-Jul’22 average exports of ~US$170mn and is now exporting ~US$140mn, in line with the average of past six months, implying stability and consolidation. We expect favourable base fo...
Add Balkrishna Industries Ltd For Target Rs.2,577 - ICICI Securities
Beat in earnings amid gradual overall recovery Balkrishna Industries’ (BIL) Q4FY23 EBITDA margin at 20.3% was in line with our estimate and up 420bps QoQ, driven by gradual decline in the cost of consumed raw material basket (RMB) and relatively lower-priced freight contracts. BIL is aiming at 200-300bps EBITDAM improvement in FY24 over current levels –on the back of lower RMB cost, better hedge rate and further normalisation of logistics cost. Post a couple of quarte...
Add Balkrishna Industries Ltd For Target Rs.2,468 - ICICI Securities
Industry OHT exports remained subdued in Jan’23, closer to Oct’22 lows, post spiking up in the seasonally strong Dec’23. Overall OHT export revenues were down 9% YoY in Jan’23 (up 6% FY23-TD) with the agri tyre segment down 12% YoY vs OTR down 3% YoY. In Jan’23, exports to the EU and US declined 9% and 18% YoY respectively. Due to container shortages globally and ~5x increase in container prices early CY22, distributors stocked up excess inventory (~10% higher th...
Buy Balkrishna Industries For Target Rs 1,970 - ICICI Securities
Weakness to linger for a couple of more quarters Industry OHT exports remained subdued in Jan’23, closer to Oct’22 lows, post spiking up in the seasonally strong Dec’23. Overall OHT export revenues were down 9% YoY in Jan’23 (up 6% FY23-TD) with the agri tyre segment down 12% YoY vs OTR down 3% YoY. In Jan’23, exports to the EU and US declined 9% and 18% YoY respectively. Due to container shortages globally and ~5x increase in container prices early CY22, dist...
Buy Balkrishna Industries Ltd For Target Rs.2,378 - ICICI Securities
Channel inventory de-stocking to continue in 4QFY23E * Balkrishna Industries (BIL)’s 3QFY23 performance was hit by high channel inventory and lower realizations due to reduced surcharge to the end customers. Consequently, EBITDA margin came in lower at 19.1% (v/s est. 20%). Moreover, unrealized Fx loss of INR1.66b further impacted 3Q financials. * We cut our FY23E/FY24E EPS by 26%/4%, respectively, to factor in the lower realizations and FX loss impact. Maintain Neutral with a TP ...
Neutral Balkrishna Industries Ltd For Target Rs.2,035 - Motilal Oswal Financial Services
India’s OHT exports on gradual recovery path Post stocking up of off-highway tyre (OHT) inventory at distributor level in endmarkets between Mar-Jul’22, India’s OHT exports from Aug’22 were muted as a result of destocking amid improving container availability. OHT exports from the country bottomed out in Oct’22 at ~US$130mn vs Mar-Jul’22 average of ~US$170mn and recovered to a 5-month high of US$152mn in Dec’22. For Balkrishna Industries (BIL), as ...
Buy Balkrishna Industries Ltd For Target Rs.2,650 - ICICI Securities
Margin pressure to ease; portfolio attributes intact… About the stock: Balkrishna Industries (BIL) is the leader in the niche tyre segment used in heavy machinery for mining and agriculture purposes * Exports form a lion’s share of its sales at ~80% of its revenues * Channel mix: replacement accounts for ~70% with OEM share pegged at ~26%. Agriculture accounts for ~64% of volumes with OTR share at ~32% * It has consistently operated with high (>20%) margins & r...
Buy Balkrishna Industries Ltd For Target Rs.2,650 - ICICI Direct
Beat across major operational parameters Balkrishna Industries’ (BIL) Q2FY23 EBITDA margin at 20.1% was in-line and flat QoQ, with gross margin decline of 225bps QoQ getting balanced by lower other expenses (down 200bps QoQ). Improved product mix (higher share of larger diameter tyres), favourable currency movement, higher freight rates and higher contribution of North America sales, have led to historically high ASP at Rs356 (up 9% QoQ). As against 320kMT FY23E volume outlook till H...
Buy Balkrishna Industries Ltd For Target Rs.2,479 - ICICI Securities
HDFC Life Insurance Company Ltd. • HDFCLIFE Ltd. on the weekly chart has decisively broken out above the “Symmetrical Triangular pattern” with strong bullish candle. • The breakout is accompanied with an increase in volume confirming participation at breakout level. • Stock is forming a higher high-low on 6 January, 2023• Stock is forming a higher high-low on the daily chart. This formation indicates a positive uptrend. • The weekly strength in...
Weekly Tech Picks: HDFC Life Insurance Company Ltd, Power Finance Corporation Ltd, Balkrishna industries Ltd, H G Infra Engineering Ltd By Axis Securities
BIL continues to outperform industry exports Balkrishna Industries (BIL) has reported strong demand trends in its key overseas markets with overall Q2FY23 exports revenue being up 25% YoY (in US$ terms) against industry exports being up 5% YoY. The data indicates growth momentum in OTR segment exports (up 10% YoY) and steady agri demand (up ~3% YoY) despite adverse market conditions in target geographies and supply-chain issues. Data continues to support robust demand momentum driven by bo...
Buy Balkrishna Industries Ltd For Target Rs2,479 - ICICI Securities
Lowering estimates due to geopolitical tensions; maintaining a Buy Despite recent geo-political and macro-economic tensions, we are still positive about Balkrishna Industries. Given the headwinds, Q2 volumes were reasonable. The ASP rose sharply on the product mix for the US and currency fluctuations. Capacity expansion plans have been revised and added capacity would be available by H1 FY24. We maintain a Buy, at a lower TP of Rs2,326 (30x FY25e). Exports to Europe facing continuo...
Buy Balkrishna Industries For Target Price: Rs.2,326 - Anand Rathi Shares and Stock Brokers
Better realizations drive revenue beat Uncertainty in the EU leads to retraction of volume guidance * BIL’s 2QFY23 performance was led by strong ASPs driving revenue and profits. However, due to geopolitical tensions the outlook for BIL’s biggest market – Europe – has turned uncertain leading to retraction of volume guidance by the management. Though, margin visibility has improved. * We raise our FY23E EPS by 3% to factor in ASP strength, but maintain our FY2...
Neutral Balkrishna Industries Ltd For Target Rs.2,075 - Motilal Oswal Financial Services
Lowering estimates due to geopolitical tensions; maintaining a Buy Despite recent geo-political and macro-economic tensions, we are still positive about Balkrishna Industries. Given the headwinds, Q2 volumes were reasonable. The ASP rose sharply on the product mix for the US and currency fluctuations. Capacity expansion plans have been revised and added capacity would be available by H1 FY24. We maintain a Buy, at a lower TP of Rs2,326 (30x FY25e). Exports to Europe facing continuous he...
Balkrishna Industries Ltd : Lowering estimates due to geopolitical tensions; maintaining a Buy - Anand Rathi Shares and Stock Brokers
Near term blip amid unchanged long term guidance About the stock: Balkrishna Industries (BIL) is the leader in the niche tyre segment used in heavy machinery for mining and agriculture purposes * Exports form lion’s share of its sales at ~80% of its revenues * Channel mix: replacement account for ~69% while OEM share is pegged at ~28%. Agriculture accounts for ~66% of volumes with OTR share at ~31% * It has consistently operated with high (>20%) margins & return ratio...
Buy Balkrishna Industries Ltd For Target Rs.2,550 - ICICI Direct
Revenue beat driven by strong volume growth Higher RM and freight costs drag margin * Volumes grew 21% YoY to 83.15k tonne (est. 77.5k tonne). * Realizations grew 23% YoY to INR327.9k/unit (est. INR318.5k). * Revenue grew 49% YoY to INR27.3b (est. INR24.7b). * Gross margin contracted by 3.8pp YoY and 1.2pp QoQ to 46.6% (est. 46%) due to RM cost inflation. RM costs are expected to cool down in 4QFY23. * EBIDTA margin declined by 9.2pp YoY to 19.6% due to higher RM...
Update On Balkrishna Industries Ltd By Motilal Oswal Financial Services
Annual report analysis: Managing pressures well Balkrishna Industries’ (BIL) FY22 annual report highlights: a) Outlook for low teen volume growth for FY23 post executing 27% growth in FY22 due to geo-political risk and inflation scenario in target markets; b) higher-than-normal capex to persist with carbon black capacity expansion, captive power capacity expansion and plant modernisation projects to get executed in FY23 for ~Rs11bn, following Rs15bn of capex in FY22; c) lower ad/mark...
Buy Balkrishna Industries Ltd For Target Rs.2,587 - ICICI Securities
Industry export trends remain robust Balkrishna Industries’ (BIL) key export markets reported strong demand trends with Feb’22 industry exports up 20% YoY. Though the data indicates continued momentum in OTR segment (up 20% YoY) and sturdy agri demand at ~20% YoY, overall sales are flattish QoQ, in line with management commentary of lower supply due to capacity constraints. Data continues to support the robust demand momentum driven by both agri and OTR segments (FY22-YTD indus...
Buy Balkrishna Industries Ltd For Target Rs.2,516 - ICICI Securities
LTI Buy LTI Ltd @6305.00-6310.00 CMP 6306.20 Stop Loss 6259.30 Target 6388.00 Balkrishna Industries Buy Balkrishna Industries @ 2103.00-2107.00 CMP 2104.75 Stop Loss 2087.30 Target 2135.00 To Read Complete Report & Disclaimer Click Here https://secure.icicidirect.com/Content/StaticData/Disclaimer.html Views express by all participants are...
Stock Picks - LTI Ltd & Balkrishna Industries Ltd By ICICI Direct
Margin pressure to ease; portfolio attributes intact… About the stock: Balkrishna Industries (BIL) is the leader in the niche tyre segment used in heavy machinery for mining and agriculture purposes Exports form a lion’s share of its sales at ~80% of its revenues Channel mix: replacement accounts for ~70% with OEM share pegged at ~26%. Agriculture accounts for ~64% of volumes with OTR share at ~32% It has consistently operated with high (>20%) margins & return ...
Buy Balkrishna Industries Ltd For Target Rs.2,650 - ICICI Direct
Below our estimate; margin hit by higher RM and other costs Capacity constraints to restrict volumes over the next three quarters * BIL’s 3QFY22 performance was affected by high RM costs, thus affecting margin. Volumes over the next three quarters will be around current levels as it is operating near full capacity. * We reduce our FY22E/FY23E EPS by 8%/7% to account for higher RM costs and weak domestic volumes. We maintain our Neutral rating. Higher RM costs,...
Neutral Balkrishna Industries Ltd For Target Rs.2,320 - Motilal Oswal
Schneider Electric Infrastructure Limited • On the weekly chart, the stock has observed one year “multiple resistance zone” breakout at 122 levels on a closing basis. • This buying momentum was observed from its 100 and 200 day SMA support zone which reconfirm positive bias • Rising volumes near breakout zone 11 February,2022*Holding period is 3 to 4 weeks. signifies increased participation • The daily and weekly “Band Bollinger” buy sig...
Weekly Tech Picks - Schneider Electric Infr Ltd, Jindal Steel and Power Ltd, BSE Ltd, Balkrishna Industries Ltd By Axis Securities
Balkrishna Industries Ltd Observation * Balkrishna Industries on long term charts is moving with a higher highs and higher lows formation suggesting the long term bullish trend of the stock is intact. * In the recent correction, Balkrishna Ind corrected nearly 21% and took support at 50% Fibonacci retracement level (1552-2723 retracement level) after which the stock has bounced sharply from the supports. * On weekly charts stock is continuously bouncing from the 50 week SMA (2065)...
Stock of the week - Balkrishna Industries Ltd For Target Rs.2980 By GEPL Capital
Strong growth outlook remains the key Balkrishna Industries’ (BIL) Q2FY22 operating performance missed consensus estimates with EBITDA margin down 690bps YoY to 27.1% as gross margin declined 519bps despite strong volume growth (2-year CAGR: 19%). This was largely due to higher freight cost while RM cost inflation was largely passed on to customers. However, management has raised volume guidance (8-10%) to 275k285k MT for FY22 and also accelerated plans for capacity augmentation. The...
Buy Balkrishna Industries Ltd For Target Rs.2,831 - ICICI Securities
Robust growth prospects, retain positivity… About the stock: Balkrishna Industries (BIL) is the leader in the niche tyre segment used in heavy machinery for mining and agriculture purposes. * Exports form lion’s share of its sales at ~80% of its revenues * Channel mix: replacement account for ~70% while OEM share is pegged at ~26%. Agriculture accounts for ~64% of volumes with OTR share at ~32% * It has consistently operated with high (>20%) margins & return ra...
Buy Balkrishna Industries Ltd For Target Rs.2,900 - ICICI Direct
Industry export trends remain robust Balkrishna Industries’ (BIL) key export markets reported strong demand trends with Sep’21 industry exports up 31% YoY. Latest data (Sep’21) indicates continued momentum in OTR segment (up 32% YoY) even as agri (Ag) demand growth remained sturdy at ~31% YoY. Data continues to support the robust demand momentum driven by both Ag and OTR segments: FY22-YTD industry exports are up ~60% YoY on US$ basis. Regionally, growth in Sep’21 w...
Hold Balkrishna Industries Ltd For Target Rs.2,837 - ICICI Securities
Balkrishna Industries is currently trading at Rs. 2494.00, up by 8.45 points or 0.34% from its previous closing of Rs. 2485.55 on the BSE. The scrip opened at Rs. 2487.50 and has touched a high and low of Rs. 2507.35 and Rs. 2454.40 respectively. So far 85227 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 2724.40 on 23-Sep-2021 and a 52 week low of Rs. 1307.05 on 02-Nov-2020. Last one week high and low of the s...
Balkrishna Industries gains on raising Rs 500 crore via NCDs
Industry export trends remain solid Balkrishna Industries’ (BIL) key export markets reported strong demand trends with Aug’21 industry exports up 33% YoY. The latest data (Aug’21) indicates continued momentum in OTR segment (up 33% YoY) even as agri (Ag) demand growth remained sturdy at ~33% YoY. Data continues to support the robust demand momentum driven by both Ag and OTR segments: FY22-YTD industry exports are up ~69% YoY on USD basis. Regionally, growth in Aug&rsqu...
Add Balkrishna Industries Ltd For Target Rs.2,837 - ICICI Securities
Demand growth continues to surprise Balkrishna Industries’ (BIL) Q1FY22 result was above consensus expectations driven by strong volume growth (2-year CAGR: 16%) even as margins shrunk 291bps QoQ at 29.2%. Volume growth (2-year CAGR) was driven by all regions led by Europe up ~20%; category-wise, OTR and agri grew 7% and 21% respectively. The enhanced investment plan in infrastructure (e.g. US infra plan) and mining segments (e.g. EV raw materials) is likely to be key driver for grow...
Add Balkrishna Industries Ltd For Target Rs.2,572 - ICICI Securities
Balkrishna Industries is currently trading at Rs. 2664.30, up by 9.70 points or 0.37% from its previous closing of Rs. 2654.60 on the BSE. The scrip opened at Rs. 2666.25 and has touched a high and low of Rs. 2699.00 and Rs. 2644.85 respectively. So far 5658 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 2724.40 on 23-Sep-2021 and a 52 week low of Rs. 1307.05 on 02-Nov-2020. Last one week high and low of the sc...
Balkrishna Industries gains on getting nod to raise Rs 1,000 crore via long-term finance
Buy Balkrishna Industries Ltd For Target Rs.2,825 Healthy performance, consistency merit premium… About the stock: Balkrishna Industries (BIL) is the leader in the niche tyre segment used in heavy machinery for mining and agriculture purposes. * Exports form lion’s share of its sales at ~80% of its revenues * Channel mix: replacement account for ~70% while OEM share is pegged at ~26%. Agriculture accounts for ~64% of volumes with OTR share at ~32% * It has consiste...
Buy Balkrishna Industries Ltd : Healthy performance, consistency merit premium - ICICI Direct
Demand remains strong across geographies Price increases to pass on cost inflation and logistics cost * BIL’s 1QFY22 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 OTR tyres. * We upgrade our FY22E/FY23E EPS by ~7%/6% to factor in strong demand. Howe...
Neutral Balkrishna Industries Ltd For Target Rs.2,600 - Motilal Oswal
Industry export growth accelerates Balkrishna Industries’ (BIL) key export markets have reported strong demand trends (Jul’21 industry exports grew 51% YoY). The latest industry export data (Jul’21) indicates strong pickup in OTR segment (up 64% YoY) while agri (Ag) demand growth remained sturdy at ~46% YoY. The latest data continues to support the strong demand momentum driven by both Ag and OTR segments: FY21-YTD industry exports are up ~81% YoY on USD basis. On regi...
Add Balkrishna Industries Ltd For Target Rs.2,572 - ICICI Securities
Industry export momentum remains strong Balkrishna Industries’ (BIL) key export markets have reported robust demand (May’21 industry exports grew 72% YoY respectively). The latest industry export data (May’21) indicates strong pickup in OTR segment (up 85% YoY) while agri (Ag) demand growth remained healthy at ~67% YoY. The latest data continues to support the strong demand momentum driven by both Ag and OTR: FY21-YTD industry exports have grown ~149% YoY. On regional bas...
Add Balkrishna Industries Ltd For Target Rs.2,425 - ICICI Securities
Industry export momentum remains strong Balkrishna Industries’ (BIL) key export markets have reported robust demand (May’21 industry exports grew 72% YoY respectively). The latest industry export data (May’21) indicates strong pickup in OTR segment (up 85% YoY) while agri (Ag) demand growth remained healthy at ~67% YoY. The latest data continues to support the strong demand momentum driven by both Ag and OTR: FY21-YTD industry exports have grown ~149% YoY. On regional bas...
Add Balkrishna Industries Ltd For Target Rs. 2,425 - ICICI Securities
Superlative growth justifies premium valuations… Balkrishna Industries (BIL) reported robust Q4FY21 numbers. Standalone revenue came in at | 1,746 crore (up 28.6% YoY) tracking 17.3% YoY growth in tonnage to best ever level of 68,002 MT. EBITDA margins at 31.0% were down a mere 63 bps QoQ amid 120 bps lower gross margins amid sequential savings in employee costs and other expenses (as percentage of sales). Consequent PAT in Q4FY21 came in at | 372 crore, up 44.6% YoY, aided partly b...
Buy Balkrishna Industries Ltd For Target Rs. 2,250 - ICICI Direct
Growth momentum accelerates Balkrishna Industries’ (BIL) result was above consensus estimates as revenue growth surprised (up 26%) while EBITDA margins (~32%/flat QoQ) remained resilient even as domestic peers reported 350-600bps contraction. Volume guidance for FY22 at 250-265k MT (growth of 12-18%) is reflective of the growth momentum across segments. Industry export growth remained strong at 16% YoY in FY21 (agri: up 24% YoY driven by strong demand from EU). Agri demand outlook...
Buy Balkrishna Industries Ltd For Target Rs.2,269 - ICICI Securities
Asian Paints Buy Asian Paints Ltd @ 2612.00-2616.00. CMP 2613.40 TGT 2616.00 SL 2592.80 Balkrishna Industries Buy Balkrishna Industries Ltd @ 1762.00-1766.00. CMP 1762.40 TGT 1797.00 SL 1748.20 To Read Complete Report & Disclaimer Click Here https://secure.icicidirect.com/Content/StaticData/Disclaimer.html Views expre...
Stock Picks - Asian Paints Ltd and Balkrishna Industries Ltd By ICICI Direct
HDFC Buy HDFC Ltd @ 2545.00-2549.00 CMP 2547.85 TGT 2591.00 SL 2523.70 Balkrishna Industries Buy Balkrishna Industries Ltd @ 1679.00-1683.00 CMP 1682.80 TGT 1709.00 SL 1665.80 To Read Complete Report & Disclaimer Click Here https://secure.icicidirect.com/Content/StaticData/Disclaimer.html Views express by all participants are for information & academic purpose only. Kind...
Stock Picks - HDFC Ltd and Balkrishna Industries Ltd By ICICI Direct
Balkrishna Industries Buy Balkrishna Industries Ltd @ 1692.00-1696.00 CMP 1697.20 TGT 1722.00 SL 1679.40 Glenmark Buy Glenmark Ltd @ 506.50-507.50 CMP 507.45 TGT 517.00 SL 501.90 To Read Complete Report & Disclaimer Click Here https://secure.icicidirect.com/Content/StaticData/Disclaimer.html Above views are of the author and not of the website kindly read disclaimer
Stock Picks - Balkrishna Industries Ltd and Glenmark Ltd By ICICI Direct
Stock Picks Titan Buy Titan Ltd @ 1562.00-1567.00 CMP 1564.75 TGT 1593.00 SL 1551.10 Balkrishna Industries Buy Balkrishna Industries Ltd @ 1700.00-1706.00 CMP 1701.05 TGT 1735.00 SL 1687.40 To Read Complete Report & Disclaimer Click Here https://secure.icicidirect.com/Content/StaticData/Disclaimer.html Above views are of the author and not of the website kindly read disclaimer
Stock Picks - Titan Ltd and Balkrishna Industries Ltd By ICICI Direct
HDFC Buy HDFC Bank Ltd @ 2554.00-2560.00 CMP 2546.00 TGT 2598.00 SL 2535.80 Balkrishna Industrie Buy Balkrishna Industries Ltd @ 1670.00-1674.00 CMP 1662.00 TGT 1704.00 SL 1655.80 To Read Complete Report & Disclaimer Click Here https://secure.icicidirect.com/Content/StaticData/Disclaimer.html Above views are of the author and not ...
Stock Picks - HDFC bank Ltd and Balkrishna Industries Ltd By ICICI Direct
CY21 starts with robust demand growth Balkrishna Industries’ (BIL) key export markets have reported robust demand (Feb’21 industry exports grew 24% YoY). The latest industry export data (Feb’21) maintained a balance with agri (Ag) demand (up ~23% YoY), while OTR grew at 25%. The latest data continues to support the V-shaped demand rebound: YTD/QTD industry exports are up 11%/27% YoY respectively. On a regional basis, in Feb’21, growth was led by US (up 39% YoY), fo...
Buy Balkrishna Industries Ltd For Target Rs.1,937 - ICICI Securities
Dr. Reddy's Laboratories Buy Dr Reddy Laboratories Ltd @ 4228.00-4232.00 CMP 4230.00 TGT 4190 SL 4272.00 Balkrishna Industries Buy Balkrishna Industries Ltd @ 1580.00-1585.00 CMP 1578.00 TGT 1567.20 SL To Read Complete Report & Disclaimer Click Here https://secure.icicidirect.com/Content/StaticData/Disclaimer.html Above views are of th...
Stock Picks - Dr. Reddy's Laboratories Ltd and Balkrishna Industries Ltd By ICICI Direct
Solid delivery yet again; fresh capex on the anvil… Balkrishna Industries (BIL) reported robust Q3FY21 results. Standalone revenue was at | 1,505 crore (up 30% YoY), amid ~26% rise in volumes to 59,810 MT. EBITDA for the quarter at | 476 crore was higher by 40% YoY with margins at 31.7% (down 233 bps QoQ). Consequent standalone PAT was at | 322 crore (up 46% YoY), aided in part by higher other income – which included forex gains amounting to | 15 crore. BIL declared a third i...
Buy Balkrishna Industries Ltd For Target Rs.2,100 - ICICI Direct
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