BALKRISIND · Automobile and Auto Components
Balkrishna Industries Ltd. reported revenue of ₹2,560 cr for October to December 2024, +12.6% on the year and +5.8% on the quarter.
Operating profit (EBITDA) was ₹601 cr, a margin of 23.5%, −31 bps on the year and −49 bps on the quarter. Over the last 7 quarters the margin has ranged from 23.2% to 25.4%, averaging 24.0%. Operating costs grew +13.0%, broadly with revenue, so operating profit kept pace with sales.
Net profit was ₹449 cr, +47.2% on the year and +29.4% on the quarter, with earnings per share of ₹23.25. Profit before other income, one-offs and tax grew 20.4%, so 27 points of the headline growth came from outside the core business. The tax rate of 25% is in line with its recent average.
A vehicle maker's revenue is volumes times average price, and its margin moves with steel, aluminium and rubber costs and with the share of exports and premium models. The quarterly statements do not carry volumes, realisation per vehicle and the export share; those come with the filing read.
On earnings per share of ₹91.73 over the last four quarters, the stock at ₹2,050.10 trades at 22.3 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow, the auditor's review, segment results, one-off items line by line and what management said on the call.
Headline profit grew much faster than core profit. What made up the difference?
Source: Quarterly statements
Other income is carrying a large and rising share of profit. Treasury gains, interest, or one-off?
Source: Quarterly statements
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
| Q2 FY24 | Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹2,253 cr | ₹2,274 cr | ₹2,682 cr | ₹2,714 cr | ₹2,420 cr | ₹2,560 cr | ₹2,752 cr | ₹2,760 cr | ₹2,393 cr | ₹2,737 cr | ₹2,933 cr | ₹3,455 cr |
| YoY | — | — | — | +26% | +7% | +13% | +3% | +2% | −1% | +7% | +7% | +25% |
| EBITDA margin | 23.7% | 23.8% | 25.4% | 24.5% | 24.0% | 23.5% | 22.3% | 18.3% | 21.4% | 23.5% | 21.8% | 21.5% |
| Other income, % of PBT | 23% | 16% | 26% | 25% | 19% | 31% | 20% | 27% | 20% | 16% | −1% | 17% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 24% | 25% | 25% | 23% | 25% | 25% | 24% | 27% | 24% | 22% | 25% | 25% |
| Net profit | ₹347 cr | ₹305 cr | ₹487 cr | ₹490 cr | ₹347 cr | ₹449 cr | ₹369 cr | ₹288 cr | ₹273 cr | ₹382 cr | ₹299 cr | ₹451 cr |
| YoY | — | — | — | +48% | 0% | +47% | −24% | −41% | −21% | −15% | −19% | +57% |
| Core profit YoY | — | — | — | +48% | +7% | +20% | −19% | −40% | −23% | +0% | +5% | +75% |
| EPS | ₹17.97 | ₹15.80 | ₹25.18 | ₹25.35 | ₹17.95 | ₹23.25 | ₹19.06 | ₹14.91 | ₹14.13 | ₹19.77 | ₹15.49 | ₹23.32 |
| Flags | · | · | · | ✓ | ✓ | 2 | 1 | 1 | ✓ | ✓ | ✓ | ✓ |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Balkrishna Industries Ltd. reported revenue of ₹2,560 cr (+12.6% on the year) and net profit of ₹449 cr (+47.2% on the year) for October to December 2024.
Profit before other income, exceptional items and tax moved +20.4% on the year, against +47.2% for reported profit.
2 checks raised a question: Headline profit grew much faster than core profit. What made up the difference?
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