NOCIL Q4: Focus on volumes takes toll on margins, valuations appear fair
In long term, we expect NOCIL to maintain its dominant presence in Indian market on account of its technological leadership, client relationship and focus towards import substitution.
Balkrishna Industries Price performance in April Series: 14.14 percent | May Series: 18.28 percent | June Series: 13.55 percent.
- Quarterly performance largely backed by improved realisations
- Medium-term triggers China plus and protectionist measures for tyre industry
- Valuations not inexpensive; but improved medium-term outlook
Anubhav Sahu Monycontrol research Highlights - Affected by subdued end market and discontinuation of anti-dumping duty - Sequential improvement in volumes a reflection of change in strategy - Competitive intensity high, adverse supply-demand weighs on margins - Valuation fair, reflects subdued medium term prospects NOCIL’s (CMP: Rs 86, Market Cap: Rs 1,415 crore) weak Q4 performance was attributable to a continued slowdown in the domestic auto market, discontinuation of anti-dumping duty and Covid-related disruption. While the impact of these factors was already anticipated, a new aspect was the cost incurred...
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