Balkrishna Industries share falls; Nomura has a neutral call, target at Rs 2,015

The company’s consolidated net profit tanked 68.02 percent to Rs 108.38 crore in the December quarter from Rs 338.95 crore in the year-ago period

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Balkrishna Industries’ share price fell more than 3 percent in the morning trade on February 14 after the company’s consolidated net profit decreased 68.02 percent to Rs 108.38 crore in the December quarter from Rs 338.95 crore in the year-ago period.

The company’s revenue, however, was up 5.85 percent at Rs 2,165.57 crore from Rs 2,045.81 crore in the same period in 2021.

The company’s EBITDA stood at Rs 314.26 crore, a decline of 44.84 percent from Rs 569.69 crore in the same quarter of the previous year.

At 10.38 am, Balkrishna Industries was quoting at Rs 1,996.40, down Rs 56.95, or 2.77 percent.

Nomura has given Balkrishna Industries a “neutral” rating, with a target at Rs 2,015 a share. The firm noted that Q3 missed on multiple fronts, though global agricultural demand remains stable. It also highlighted cost tailwinds ahead but said that valuation had factored in a recovery.

Nomura revised EBITDA margin estimates to 20.5 percent/25.8 percent/25.8percent, leading to -14.8percent/+1 percent/+2percent EPS change.

Morgan Stanley, on the other hand, has given Balkrishna Industries an “underweight” rating, with a target of Rs 1,711 per share. The firm views the company as a strong franchise but expects downside risks to consensus estimates due to the slow volume recovery cycle.

It expects stock multiples to moderate over FY22-25. On FY25 EPS estimates of Rs 93, the stock trades at 22x P/E.