External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

External broker reports(aggregated public sources)

ICICI Securities Ltd

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>ICICI Securities research report onBalkrishna Industries India OHT exports in Jan’24, at USD 151mn, were higher by 13% YoY as against USD 139mn average monthly exports in CY23.</li><li>This was driven by strong growth in EU/US agri segment, with overall agri segment exports being up ~17% YoY vs. OTR exports being up 6%.</li><li>In US, base turned favourable from Jan’24 as expected in both agri/OTR segments, leading to YoY growth of 32%/23%; in comparison, EU saw growth of 23%/5% with the effects of a favourable base already kicking in a quarter back.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

ICICI Securities research report onBalkrishna Industries India OHT exports in Jan’24, at USD 151mn, were higher by 13% YoY as against USD 139mn average monthly exports in CY23.This was driven by strong growth in EU/US agri segment, with overall agri segment exports being up ~17% YoY vs. OTR exports being up 6%.In US, base turned favourable from Jan’24 as expected in both agri/OTR segments, leading to YoY growth of 32%/23%; in comparison, EU saw growth of 23%/5% with the effects of a favourable base already kicking in a quarter back.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Balkrishna Industries - Base Finally Favourable to Drive 10%-Plus Growth

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

HDFC securities is the best online trading platform for stocks, IPOs, mutual fund in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Balkrishna Industries: Balkrishna Industries’ (BKT) Q2 FY24 PAT, at INR3.3bn, came in line with our estimate</li><li>Margin improved 140bps QoQ to 24.4% (in-line) and was led by an improved mix and favourable currency</li><li>Management has indicated that given the recent geopolitical headwinds, the recovery in global OTR tyre demand is likely to take longer than earlier envisaged</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Balkrishna Industries: Balkrishna Industries’ (BKT) Q2 FY24 PAT, at INR3.3bn, came in line with our estimateMargin improved 140bps QoQ to 24.4% (in-line) and was led by an improved mix and favourable currencyManagement has indicated that given the recent geopolitical headwinds, the recovery in global OTR tyre demand is likely to take longer than earlier envisagedContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Balkrishna Industries - Demand Likely to Take Longer to Revive

<ul><li>BKT’s Bhuj facility is its largest facility in India spread over 270 acres of land it has a total capacity of 140k MT pa and its key highlights include 1) a captive power plant 2) a captive carbon black plant with 200k MT pa capacity 3) expandable capacity at the same location by around 150k MT p.a 4) close proximity to a port and 5) housing colony set-up for attracting talent</li><li>On the demand front, the near-term outlook remains weak as distributors continue to liquidate stock in a bid to avoid overstocking in a weak macro</li><li>This is likely to continue for a couple of quarters and management is hopeful of a demand recovery by H2FY24</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

BKT’s Bhuj facility is its largest facility in India spread over 270 acres of land it has a total capacity of 140k MT pa and its key highlights include 1) a captive power plant 2) a captive carbon black plant with 200k MT pa capacity 3) expandable capacity at the same location by around 150k MT p.a 4) close proximity to a port and 5) housing colony set-up for attracting talentOn the demand front, the near-term outlook remains weak as distributors continue to liquidate stock in a bid to avoid overstocking in a weak macroThis is likely to continue for a couple of quarters and management is hopeful of a demand recovery by H2FY24Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Balkrishna Industries: Weak Demand Outlook to Remain an Overhang.

Balkrishna Industries - Weak Demand Outlook to Remain an Overhang.

Forensic Analyst, Trudence Capital Advisors

Nitin Mangal

Forensic Analyst

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

Forensic Accounting

Balkrishna Industries / Forensic Accounting

<ul>
<li>
<a href="https://www.smartkarma.com/entities/balkrishna-industries-ltd" target="_blank" data-smartkarma-citation="entities:15331:1" rel="noopener">Balkrishna Industries (BIL IN)</a> is one of the big names in Off-Highway Tyre (OHT) segment across the globe.</li>
<li>The company is currently in a capex mode and looks to augment its tyre capacity and expand the carbon black manufacturing.</li>
<li>However, there are some corporate level discomforts regarding the payouts to the stakeholders on the back of capex, and disclosure errs in few lone items on the balance sheet.</li>
</ul>



Balkrishna Industries (BIL IN) is one of the big names in Off-Highway Tyre (OHT) segment across the globe.
The company is currently in a capex mode and looks to augment its tyre capacity and expand the carbon black manufacturing.
However, there are some corporate level discomforts regarding the payouts to the stakeholders on the back of capex, and disclosure errs in few lone items on the balance sheet.


Balkrishna Industries Ltd- Forensic Analysis

India

Balkrishna Industries Limited (BKT) is a leading global manufacturer of off-highway tires, specializing in products for agricultural, industrial, construction, earthmoving, mining, and port sectors. The company offers a comprehensive portfolio of tires for various niche applications. Balkrishna Industries is headquartered in Mumbai, India, and was founded in 1961.

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Balkrishna Industries (BIL IN)

Balkrishna Industries - Base Finally Favourable to Drive 10%-Plus Growth

ICICI Securities research report onBalkrishna Industries India OHT exports in Jan’24, at USD 151mn, were higher by 13% YoY as against USD 139mn...

ICICI Securities Limited

Balkrishna Industries - Demand Likely to Take Longer to Revive

Balkrishna Industries’ (BKT) Q2 FY24 PAT, at INR3.3bn, came in line with our estimate. Margin improved 140bps QoQ to 24.4% (in-line) and was led by...

HDFC Securities

Balkrishna Industries: Weak Demand Outlook to Remain an Overhang.

On the demand front, the near-term outlook remains weak as distributors continue to liquidate stock in a bid to avoid overstocking in a weak macro

HDFC Securities

Balkrishna Industries - Weak Demand Outlook to Remain an Overhang.

On the demand front, the near-term outlook remains weak as distributors continue to liquidate stock in a bid to avoid overstocking in a weak macro

HDFC Securities

Balkrishna Industries Ltd- Forensic Analysis

There are some corporate level discomforts regarding the payouts to the stakeholders on the back of capex, and disclosure errs in few lone items on...

Nitin Mangal

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