Balkrishna Industries

Quick Snapshots

Share Capital

Variable	Current
Market Capitalisation	2850.21
Face Value (FV) (#)	2.00
Shares Outstanding	9.66
Equity Capital (Rs. Cr.)	19.33
Foreign (FII) Shareholding (%)	15.81
Promoters Shareholding (%)	54.37
Govt./FI Shareholding (%)	14.84
Others Shareholding (%)	12.57
Corporate Shareholding (%)	2.41

Key Ratios

Variable	Current	Industry Median
Net Profit Margin	15.45	5.75
Operating Profit Margin	24.71	10.98
Asset Turnover	1.20	2.19
Return on Assets	18.55	12.08
Financial Leverage	1.70	2.04
Return on Equity	31.59	24.82
Debt to Equity	0.70	1.04
Return on Capital Employed	29.32	21.77
Interest Coverage	17.68	4.46
Quick Ratio	3.60	1.28
Current Ratio	4.79	2.03
Debtor Days	64.92	50.56
Inventory Days	88.96	69.27

Valuation

Variable	Current	Historical Average	Industry Median
Price Close (Rs.)	294.90
Book Value per share	68.37		68.37
Cash flow per share
Earnings per share	21.60		21.60
Dividend per share	1.40		2.50
Sales per share	139.78		212.10
Free cash flow per share
Price to sales	2.11	0.87	0.39
Price to book value	4.31	2.09	2.76
Price to cash flow
Price to earnings	13.66	9.05	9.62
Price to free cash flow
Dividend Yield	0.47	1.82	1.70

5 Year Snapshots

Performance Snapshot

Variable	FY05	FY06	FY07	FY08	FY09	YoY	5yr CAGR
Sales Turnover (Rs. Cr.)	596.69	887.23	990.39	1227.89	1362.15	10.83	23.32
Profit After Tax (PAT) (Rs. Cr.)	69.08	83.09	105.57	70.30	208.73	196.91	31.84
Cash from Operating Activities (Rs. Cr.)
Free Cash Flow
Equity Dividend (Rs. Cr.)	19.07	20.30	20.30	11.60	13.53	16.64	-8.22
Dividend Payout	27.61	24.43	19.23	16.50	6.48
Net Profit Margin	11.83	9.61	10.79	5.77	15.45
Operating Profit Margin	17.78	18.52	20.72	13.42	24.71
Asset Turnover	1.00	1.16	1.03	1.30	1.20
Return on Assets	11.82	11.10	11.16	7.47	18.55
Financial Leverage	2.03	2.15	2.30	2.01	1.70
Return on Equity	24.03	23.91	25.68	15.03	31.59
Capital Employed	584.39	748.25	945.94	940.64	1125.10
Return on Capital Employed	20.36	19.58	20.05	15.49	29.32
Free Cash Flow to Sales
Debt to Equity	1.03	1.15	1.30	1.01	0.70
Interest Coverage	9.72	8.37	7.03	3.89	17.68
Interest Cost to Total Debt	4.12	4.37	5.04	7.93	4.02
Quick Ratio	3.37	3.07	3.33	3.68	3.60
Current Ratio	4.54	4.09	4.57	4.57	4.79
Debtor Days	49.72	71.19	72.78	65.60	64.92
Inventory Days	96.46	77.53	103.23	52.80	88.96

Historical Valuation Snapshot

Variable	FY05	FY06	FY07	FY08	FY09	Current
Yearly Average Price (Rs.)		105.47	123.75	63.86	82.33	294.90
Book Value per share	29.75	35.95	42.53	48.40	68.37	68.37
Earnings per share	7.15	8.60	10.92	7.27	21.60	21.60
Dividend per share	1.97	2.10	2.10	1.20	1.40	1.40
Sales per share	60.43	89.50	101.20	126.13	139.78	139.78
Cash flow per share
Free cash flow per share
Yearly Average P2BV		2.93	2.91	1.32	1.20	4.31
Yearly Average P2E		12.27	11.33	8.78	3.81	13.66
Yearly Average DivYield		1.99	1.70	1.88	1.70	0.47
Yearly Average P2Sales		1.18	1.22	0.51	0.59	2.11
Yearly Average P2CFlow
Yearly Average P2FreeCFlow

Balance Sheet (Rs in Crs)

Variable	FY05	FY06	FY07	FY08	FY09
Equity Capital (Rs. Cr.)	19.33	19.33	19.33	19.33	19.33
Reserves & Surplus (Rs. Cr.)	268.17	328.12	391.77	448.50	641.44
Total Shareholders Funds (Rs. Cr.)	287.50	347.45	411.10	467.83	660.77
Secured Loans (Rs. Cr.)	178.11	292.67	354.92	331.09	264.27
Unsecured Loans (Rs. Cr.)	118.78	108.13	179.92	141.72	200.06
Total Debt (Rs.Cr.)	296.89	400.80	534.84	472.81	464.33
Total Liabilities (Rs. Cr.)	584.39	748.25	945.94	940.64	1125.10
Gross Block (Rs. Cr.)	390.42	564.35	572.07	738.79	871.47
Accumulated Depreciation (Rs. Cr.)	130.67	164.98	147.60	204.24	256.59
Net Block (Rs. Cr.)	259.75	399.37	424.47	534.55	614.88
Capital Work in Progress (Rs. Cr.)	68.91	75.78	127.42	74.72	58.87
Investments (Rs. Cr.)	5.12	2.18	34.11	32.23	80.73
Inventories (Rs. Cr.)	106.91	122.38	186.48	122.26	203.05
Sundry Debtors (Rs. Cr.)	79.57	168.71	195.03	219.08	240.30
Cash and Bank Balance (Rs. Cr.)	76.84	5.39	8.69	11.14	4.23
Loans and Advances (Rs. Cr.)	149.83	195.71	295.67	279.68	371.04
Current Liabilities (Rs. Cr.)	90.97	120.47	150.06	138.40	171.08
Provisions (Rs. Cr.)	71.57	100.80	175.87	194.62	276.92
Net Current Assets (Rs. Cr.)	250.61	270.92	359.94	299.14	370.62
Miscellaneous Expenses (Rs. Cr.)	6.88	14.13	13.60	63.12	20.01
Total Assets (Rs. Cr.)	584.39	748.25	945.94	940.64	1125.10
Contingent Liabilities (Rs. Cr.)	45.78	35.47	36.78	53.73	36.44

Cash Flow Statement (Rs in Crs)

Variable	FY05	FY06	FY07	FY08	FY09
Net Profit Before Tax (PBT) (Rs. Cr.)	106.72	129.00	162.66	108.24	311.17
Cash from Operating Activities (Rs. Cr.)
Cash from Investing Activities (Rs. Cr.)
Cash from Financing Activities (Rs. Cr.)
Net Change in Cash
Opening Cash (Rs. Cr.)

P&L Account View (Rs in Crs)

Variable	FY05	FY06	FY07	FY08	FY09
Sales Turnover (Rs. Cr.)	596.69	887.23	990.39	1227.89	1362.15
Other Income (Rs. Cr.)	42.45	22.31	30.78	38.72	62.21
Stock Adjustments (Rs. Cr.)	15.75	-8.44	17.67	4.93	-5.08
Total Income (Rs. Cr.)	654.89	901.10	1038.84	1271.54	1419.28
Raw Materials (Rs. Cr.)	330.23	479.46	570.86	718.45	680.25
Excise Duty (Rs. Cr.)	12.60	22.24	12.34	8.88	11.18
Power & Fuel Cost (Rs. Cr.)	44.72	56.92	45.72	53.69	54.51
Other Manufacturing Expenses (Rs. Cr.)	29.58	39.75	42.78	72.99	98.33
Employee Cost (Rs. Cr.)	17.90	23.11	24.23	30.75	36.51
Selling and Administration Expenses (Rs. Cr.)	66.68	82.98	95.86	121.40	122.44
Miscellaneous Expenses (Rs. Cr.)	6.88	14.13	13.60	63.12	20.01
Preoperative Expenditure Capitalised (Rs. Cr.)	0.00	0.00	0.00	0.00	0.00
Profit before Interest, Depreciation & Tax (Rs. Cr.)	146.30	182.51	233.45	202.26	396.05
Interest & Financial Charges (Rs. Cr.)	12.24	17.51	26.96	37.50	18.66
Depreciation (Rs. Cr.)	27.34	36.00	43.83	56.52	66.22
Net Profit Before Tax (PBT) (Rs. Cr.)	106.72	129.00	162.66	108.24	311.17
Tax (Rs. Cr.)	37.64	45.91	57.09	37.94	102.44
Profit After Tax (PAT) (Rs. Cr.)	69.08	83.09	105.57	70.30	208.73
Adjustment below Net Profit (Rs. Cr.)	0.00	0.00	0.00	0.00	-0.01
P&L Balance brought forward (Rs. Cr.)	19.76	17.10	26.77	58.59	65.86
Appropriations (Rs. Cr.)	71.74	73.42	73.75	63.03	36.65
P&L Balance carried down (Rs. Cr.)	17.10	26.77	58.59	65.86	237.93
Equity Dividend (Rs. Cr.)	19.07	20.30	20.30	11.60	13.53
Preference Dividend (Rs. Cr.)	0.00	0.00	0.00	0.00	0.00
Corporate Dividend Tax (Rs. Cr.)	2.67	2.85	3.45	1.97	2.25
Equity Dividend (%)	100.00	105.00	105.00	60.00	70.00
Earnings per share	7.15	8.60	10.92	7.27	21.60
Book Value per share	29.75	35.95	42.53	48.40	68.37
Extraordinary Items (Rs. Cr.)	-0.24	-4.65	0.55	-0.24	-0.10