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The company witnessed substantialdrop in margins during the quarter due to rise in employee and other expenses. Bottomline would have slipped further if not for three-fold rise in other income.
The company witnessed drop in the raw material cost(inclusive of purchase of stock in trade)duringfirst quarter ended June 2019. The raw material cost as % of sales net of stock adjustments fell 45bps to 47.1%. The employee cost rose 114 bps at 6.7% in Q1 FY20. Other expenses rose 210 bps to 23.3%. Resultantly, operating margins fell 380 bps to 22.4%. Operating profit rose 24% to Rs 268 crore on a y-o-y basis.
Average natural rubber (NR) prices which is the key input cost rose substantially during the quarter ended June 2019 on a yearly basis. Prices hovered around Rs 126/Kg during Q1FY20 vis a vis Rs 110/Kg a year ago.
With 203% rise in other income to Rs 31.78crore, PBIDTfell 17% to Rs299.8crore. Interest cost fell 42%to Rs 2.05 crore. Depreciation cost increased 1% at Rs 84.74crore. Thus, PBT before forexregistered 23% drop to Rs 213.03 crore. Following a forex gain of Rs 42.12 crore, vs a vis gain of Rs 72.64 crore in previous year, PBT after forex fell 27% to Rs 255.15 crore. After considering 460 bps decrease in the effective tax rate at around 30.69% and 36% dropin tax provision to Rs 78.31 crore, PAT fell 21% at Rs 176.84 crore.
The stocks is currently trading around Rs 735at BSE.
Balkrishna Industries: Consolidated Results
|Total Operating Income||1198.93||1347.56||-11||5244.50||4464.46||17|
|PBT Before forex||213.03||275.25||-23||1054.98||855.11||23|
|PBT after forex||255.15||347.89||-27||1183.01||1118.49||6|
|Other comprehensive income|
|Share of profit/loss of associates|
|* EPS Is On Current Equity Capital Of Rs 38.66 Crore Face Value Of Rs 2|
# EPS Not Calculated As It Is A Seasonal Business
Figures In Rs Crore
LP: Loss To Profit PL: Profit To Loss
EO: Extraordinary Items
EPS Is Calculated After Excluding EO And Relevant Tax
Source: Capitaline Corporate Database
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