External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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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.

Thematic (Sector/Industry)

<ul><li>In Q2, retail demand has remained healthy in PVs, steady in CVs and lacklustre in 2Ws</li><li>However, all the segments have seen QoQ growth in volumes as all OEMs prepare for a pick-up in demand during the festive season</li><li>Overall, wholesales have been better in PVs&gt;2Ws&gt;CVs in Q2</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.

In Q2, retail demand has remained healthy in PVs, steady in CVs and lacklustre in 2WsHowever, all the segments have seen QoQ growth in volumes as all OEMs prepare for a pick-up in demand during the festive seasonOverall, wholesales have been better in PVs&gt;2Ws&gt;CVs in Q2Content 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.

Autos (Q2FY23 Results Preview): Margins likely to bottom out

Equity Bottom-Up

<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.

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

ICICI Securities Limited

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.

<ul><li>Balkrishna Industries (BIL) is the leader in the niche tyre segment used in heavy machinery for mining and agriculture purposes.</li><li>Exports form lion’s share of its sales at ~80% of its revenues</li><li>Channel mix: replacement account for ~70% while OEM share is pegged at ~28%.</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 (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 revenuesChannel mix: replacement account for ~70% while OEM share is pegged at ~28%.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 (BIL) - Light to Emerge at End of Tunnel Starting from Q4FY23

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)

Autos (Q2FY23 Results Preview): Margins likely to bottom out

However, all the segments have seen QoQ growth in volumes as all OEMs prepare for a pick-up in demand during the festive season

HDFC Securities

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 (BIL) - Light to Emerge at End of Tunnel Starting from Q4FY23

Balkrishna Industries (BIL) is the leader in the niche tyre segment used in heavy machinery for mining and agriculture purposes. Exports form...

ICICI Securities Limited

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