Motilal Oswal’s analysis report on Balkrishna Industries
Balkrishna Industries (BIL)’s 3QFY24 working efficiency was operationally in line, whereas unrealized Fx lack of INR520m led to Adj PAT miss at INR3.1b (vs. est. INR3.5b). The administration has guided for flattish tonnage development YoY for 4QFY24, adopted by a rise in freight price, as a result of ongoing provide chain disaster in Crimson sea.
To consider for a similar, we reduce FY24E EPS by 5%, whereas we largely preserve FY25E EPS. We reiterate our Impartial ranking with a TP of INR2,360 (premised on ~22x Dec’25E EPS).
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Balkrishna Industries – 2912024 – moti