Balkrishna Industries Q1 Review - Near Term Blip Amid Unchanged Long Term Guidance: ICICI Direct

BQ Prime’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BQ Prime’s subscribers an opportunity to expand their understanding of companies, sectors and the economy..ICICI Direct Report.Balkrishna Industries Ltd. reported a muted performance in Q1 FY23. Standalone revenues at Rs 2,646 crore, up 11.5% QoQ. Tonnage for the quarter was up ~7.8% QoQ to 83,153 million tonne.Ebitda in Q1 FY23 was at Rs 455.5 crore with corresponding Ebitda margins at 17.2% down 380 basis points QoQ. Gross margin erosion was sharp at ~150 bps QoQ while other expenses (driven by higher freight costs) were up ~206 bps QoQ, resulting in overall decline in margin trajectory.Consequent profit after tax for the quarter came in at Rs 319.7 crore, down 14% QoQ, aided by higher than anticipated other income.Balkrishna Industries announced an interim dividend of Rs 4/ share. Further, with environmental clearance in place, the company expects the commissioning of the second phase of carbon black project along with power plant during Q3 FY23. The advanced carbon black project of 30,000 million tonnes per annum will be commissioned in Q4 FY23..Click on the attachment to read the full report:.DISCLAIMERThis report is authored by an external party. BQ Prime does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of BQ Prime..Users have no license to copy, modify, or distribute the content without permission of the Original Owner.

Balkrishna Industries Q1 Review - Near Term Blip Amid Unchanged Long Term Guidance: ICICI Direct

Balkrishna Industries Q1 Review - Near Term Blip Amid Unchanged Long Term Guidance: ICICI Direct

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