For the quarter ending Sept 2021, consolidated Net sales (including other operating income) of Balkrishna Industries has increased 31.33% to Rs 2072.23 crore compared to quarter ended sept 2020. Operating profit margin has declined from 34.22% to 25.96%, leading to 0.39% decline in operating profit to Rs 537.85 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 37.63% to 45.83%. Purchase of finished goods cost fell from 1.21% to 0.82%. Employee cost decreased from 5.96% to 5.12%. Other expenses rose from 21.05% to 23.00%.
Other income rose 560.88% to Rs 133.3 crore. PBIDT rose 19.82% to Rs 671.15 crore. Provision for interest fell 46.61% to Rs 2.05 crore. Loan funds rose to Rs 1,553.08 crore as of 30 September 2021 from Rs 886.88 crore as of 30 September 2020. Inventories rose to Rs 1,260.91 crore as of 30 September 2021 from Rs 791.39 crore as of 30 September 2020. Sundry debtors were higher at Rs 892.35 crore as of 30 September 2021 compared to Rs 604.88 crore as of 30 September 2020. Cash and bank balance declined from Rs 89.54 crore as of 30 September 2020 to Rs 79.90 crore as of 30 September 2021. Investments rose to Rs 1,604.38 crore as of 30 September 2021 from Rs 1,245.94 crore as of 30 September 2020 .
PBDT rose 20.28% to Rs 669.1 crore. Provision for depreciation rose 7.16% to Rs 111.43 crore. Fixed assets increased to Rs 4,579.95 crore as of 30 September 2021 from Rs 3,975.55 crore as of 30 September 2020. Intangible assets declined from Rs 0.93 crore to Rs 0.63 crore.
Profit before tax grew 23.29% to Rs 557.67 crore. Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 166.64 crore, compared to Rs 111.38 crore. Effective tax rate was 29.88% compared to 24.62%.
Minority interest was nil in both the periods. Net profit attributable to owners of the company increased 14.69% to Rs 391.03 crore.
Equity capital stood at Rs 38.66 crore as of 30 September 2021 to Rs 38.66 crore as of 30 September 2020. Per share face Value remained same at Rs 2.00.
Promoters' stake was 58.30% as of 30 September 2021 ,compared to 58.30% as of 30 September 2020 .
For year-to-date (YTD) results analysis.
Net sales (including other operating income) of Balkrishna Industries has increased 53.74% to Rs 3875.1 crore.
Operating profit margin has declined from 30.96% to 27.07%, leading to 34.42% rise in operating profit to Rs 1,049.02 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 39.03% to 45.51%. Purchase of finished goods cost fell from 1.21% to 0.86%. Employee cost decreased from 6.79% to 5.31%. Other expenses fell from 22.63% to 22.37%.
Other income rose 283.06% to Rs 215.51 crore. PBIDT rose 51.14% to Rs 1264.53 crore. Provision for interest fell 30.32% to Rs 4.55 crore. Loan funds rose to Rs 1,553.08 crore as of 30 September 2021 from Rs 886.88 crore as of 30 September 2020. Inventories rose to Rs 1,260.91 crore as of 30 September 2021 from Rs 791.39 crore as of 30 September 2020. Sundry debtors were higher at Rs 892.35 crore as of 30 September 2021 compared to Rs 604.88 crore as of 30 September 2020. Cash and bank balance declined from Rs 89.54 crore as of 30 September 2020 to Rs 79.90 crore as of 30 September 2021. Investments rose to Rs 1,604.38 crore as of 30 September 2021 from Rs 1,245.94 crore as of 30 September 2020 .
PBDT rose 51.78% to Rs 1259.98 crore. Provision for depreciation rose 6.19% to Rs 218.27 crore. Fixed assets increased to Rs 4,579.95 crore as of 30 September 2021 from Rs 3,975.55 crore as of 30 September 2020. Intangible assets declined from Rs 0.93 crore to Rs 0.63 crore.
Profit before tax grew 66.78% to Rs 1,041.71 crore. Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 320.12 crore, compared to Rs 152.09 crore. Effective tax rate was 30.73% compared to 24.35%.
Minority interest was nil in both the periods. Net profit attributable to owners of the company increased 52.72% to Rs 721.59 crore.
Equity capital stood at Rs 38.66 crore as of 30 September 2021 to Rs 38.66 crore as of 30 September 2020. Per share face Value remained same at Rs 2.00.
Promoters' stake was 58.30% as of 30 September 2021 ,compared to 58.30% as of 30 September 2020 .
Cash flow from operating activities decreased to Rs 486.63 crore for YTD ended September 2021 from Rs 687.28 crore for YTD ended September 2020. Cash flow used in acquiring fixed assets during the YTD ended September 2021 stood at Rs 799.01 crore, compared to Rs 386.29 crore during the YTD ended September 2020.
Full year results analysis.
Net sales (including other operating income) of Balkrishna Industries has increased 20.20% to Rs 5783.19 crore.
Operating profit margin has jumped from 26.42% to 31.31%, leading to 42.41% rise in operating profit to Rs 1,810.44 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 42.58% to 40.14%. Purchase of finished goods cost rose from 1.18% to 1.28%. Employee cost decreased from 6.92% to 6.26%. Other expenses fell from 22.57% to 21.78%.
Other income fell 31.35% to Rs 172.16 crore. PBIDT rose 30.26% to Rs 1982.6 crore. Provision for interest rose 27.87% to Rs 11.38 crore. Loan funds rose to Rs 1,000.58 crore as of 31 March 2021 from Rs 931.56 crore as of 31 March 2020. Inventories rose to Rs 939.72 crore as of 31 March 2021 from Rs 615.64 crore as of 31 March 2020. Sundry debtors were higher at Rs 753.59 crore as of 31 March 2021 compared to Rs 589.86 crore as of 31 March 2020. Cash and bank balance rose to Rs 77.97 crore as of 31 March 2021 from Rs 69.08 crore as of 31 March 2020. Investments rose to Rs 1,417.65 crore as of 31 March 2021 from Rs 1,062.50 crore as of 31 March 2020 .
PBDT rose 30.27% to Rs 1971.22 crore. Provision for depreciation rose 11.43% to Rs 416.3 crore. Fixed assets increased to Rs 4,225.08 crore as of 31 March 2021 from Rs 3,892.81 crore as of 31 March 2020. Intangible assets declined from Rs 1.29 crore to Rs 0.76 crore.
Profit before tax grew 36.45% to Rs 1,554.92 crore. Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 377.39 crore, compared to Rs 179.87 crore. Effective tax rate was 24.27% compared to 15.78%.
Minority interest was nil in both the periods. Net profit attributable to owners of the company increased 22.70% to Rs 1,177.53 crore.
Equity capital stood at Rs 38.66 crore as of 31 March 2021 to Rs 38.66 crore as of 31 March 2020. Per share face Value remained same at Rs 2.00.
Promoters' stake was 58.30% as of 31 March 2021 ,compared to 58.30% as of 31 March 2020 .
Cash flow from operating activities increased to Rs 1,339.03 crore for year ended March 2021 from Rs 1,173.14 crore for year ended March 2020. Cash flow used in acquiring fixed assets during the year ended March 2021 stood at Rs 926.22 crore, compared to Rs 784.09 crore during the year ended March 2020.
Other Highlights
The Board has declared 2nd dinterim dividend of Rs 4 per Equity Share (200%) on the Equity Shares of Rs 2 each (face value) for the financial year 2021-2022.
Company expects sales momentum to continue and therefore revised guidance for FY22 stands at 275,000 - 285,000 MT.
Company has undertaken various capex plans. The achievable capacity by end of FY23 will be 360,000 MT p.a.
In H1 FY22, Europe contributed 54% of total sales, USA 16.7%, India 17.3% and ROW 12%.
Cash and Cash equivalents stood at Rs 1,659 Crore as on 30th September 2021.
Balkrishna Industries : Consolidated Results
| Quarter ended | Year to Date | Year ended |
| Particulars | 202109 | 202009 | Var.(%) | 202109 | 202009 | Var.(%) | 202103 | 202003 | Var.(%) |
| Net Sales (including other operating income) | 2,072.23 | 1,577.90 | 31.33 | 3,875.10 | 2,520.51 | 53.74 | 5,783.19 | 4,811.24 | 20.2 |
| OPM (%) | 25.96 | 34.22 | -827 bps | 27.07 | 30.96 | -389 bps | 31.31 | 26.42 | 488 bps |
| OP | 537.85 | 539.97 | -0.39 | 1,049.02 | 780.4 | 34.42 | 1,810.44 | 1,271.25 | 42.41 |
| Other Inc. | 133.3 | 20.17 | 560.88 | 215.51 | 56.26 | 283.06 | 172.16 | 250.78 | -31.35 |
| PBIDT | 671.15 | 560.14 | 19.82 | 1,264.53 | 836.66 | 51.14 | 1,982.60 | 1,522.03 | 30.26 |
| Interest | 2.05 | 3.84 | -46.61 | 4.55 | 6.53 | -30.32 | 11.38 | 8.9 | 27.87 |
| PBDT | 669.1 | 556.3 | 20.28 | 1,259.98 | 830.13 | 51.78 | 1,971.22 | 1,513.13 | 30.27 |
| Depreciation | 111.43 | 103.98 | 7.16 | 218.27 | 205.54 | 6.19 | 416.3 | 373.61 | 11.43 |
| PBT | 557.67 | 452.32 | 23.29 | 1041.71 | 624.59 | 66.78 | 1554.92 | 1139.52 | 36.45 |
| Share of Profit/(Loss) from Associates | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - |
| PBT before EO | 557.67 | 452.32 | 23.29 | 1041.71 | 624.59 | 66.78 | 1554.92 | 1139.52 | 36.45 |
| EO Income | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - |
| PBT after EO | 557.67 | 452.32 | 23.29 | 1041.71 | 624.59 | 66.78 | 1554.92 | 1139.52 | 36.45 |
| Taxation | 166.64 | 111.38 | 49.61 | 320.12 | 152.09 | 110.48 | 377.39 | 179.87 | 109.81 |
| PAT | 391.03 | 340.94 | 14.69 | 721.59 | 472.5 | 52.72 | 1177.53 | 959.65 | 22.7 |
| Minority Interest (MI) | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - |
| Net profit | 391.03 | 340.94 | 14.69 | 721.59 | 472.5 | 52.72 | 1177.53 | 959.65 | 22.7 |
| P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - |
| Net profit after discontinued operations | 391.03 | 340.94 | 14.69 | 721.59 | 472.5 | 52.72 | 1177.53 | 959.65 | 22.7 |
| EPS (Rs)* | 20.23 | 17.64 | 14.69 | 37.33 | 24.44 | 52.72 | 60.91 | 49.64 | 22.7 |
* EPS is on current equity of Rs 38.66 crore, Face value of Rs 2, Excluding extraordinary items.
# EPS is not annualised
bps : Basis points
EO : Extraordinary items
Figures in Rs crore
Source: Capitaline Corporate Database |
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