Motilal Oswal's research report on Balkrishna Industries
Balkrishna Industries (BIL)’s 3QFY24 operating performance was operationally in line, while unrealized Fx loss of INR520m led to Adj PAT miss at INR3.1b (vs. est. INR3.5b). The management has guided for flattish tonnage growth YoY for 4QFY24, followed by an increase in freight cost, due to the ongoing supply chain crisis in Red sea.
Outlook
To factor in for the same, we cut FY24E EPS by 5%, while we largely maintain FY25E EPS. We reiterate our Neutral rating with a TP of INR2,360 (premised on ~22x Dec’25E EPS).
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